Public Offering of 4,705,880 Shares of Common Stock at $51.00 per Share, Resulting in Aggregate Proceeds of Approximately $240.0 Million
Menlo Park, Calif., June 2, 2015 /PRNewswire/ -- Nevro Corp. (NYSE: NVRO), a global medical device company that is providing innovative evidence-based solutions for the treatment of chronic pain, today announced the pricing of an upsized underwritten public offering of its common stock at a public offering price of $51.00 per share, before underwriting discounts. The offering consists of 1,764,705 shares to be sold by Nevro and 2,941,175 shares to be sold by certain of its stockholders, resulting in aggregate proceeds of approximately $90.0 million to Nevro and approximately $150.0 million to the selling stockholders, in each case before underwriting discounts and commissions and expenses payable by Nevro. In addition, Nevro granted the underwriters a 30-day option to purchase up to an additional 705,882 shares of common stock from Nevro.
The offering is expected to close on or about June 8, 2015, subject to satisfaction of customary closing conditions.
J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering. Leerink Partners and JMP Securities are acting as co-managers.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 2, 2015. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at (866) 803-9204, or from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by telephone at (866) 718-1649.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.
Headquartered in Menlo Park, California, Nevro is a global medical device company focused on providing innovative products that improve the quality of life of patients suffering from debilitating chronic pain. Nevro has developed and commercialized the Senza spinal cord stimulation (SCS) system, an evidence-based neuromodulation platform for the treatment of chronic pain. The Senza system is the only SCS system that delivers Nevro's proprietary HF10 therapy. Senza, HF10, Nevro and the Nevro logo are trademarks of Nevro.
In addition to historical information, this press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon information that is currently available to us or our current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including the satisfaction of customary closing conditions related to the public offering. These factors, together with those that are described under the section "Risk Factors" in the Registration Statement on Form S-1 originally filed with the SEC on May 18, 2015, as amended, including the documents incorporated by reference therein, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. We expressly disclaim any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements.
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