Exactech Completes Previously Announced Sale of Common Stock
GAINESVILLE, Fla. -- Exactech Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced today that it has closed its previously announced sale of 877,391 shares of its common stock to certain institutional investors at a price of $23.00 per share. The sale resulted in gross proceeds of approximately $20.2 million and net proceeds of approximately $18.8 million after offering expenses and placement agency fees. Exactech offered the shares pursuant to an effective registration statement previously filed with the Securities and Exchange Commission.
GAINESVILLE, Fla. -- Exactech Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced today that it has closed its previously announced sale of 877,391 shares of its common stock to certain institutional investors at a price of $23.00 per share. The sale resulted in gross proceeds of approximately $20.2 million and net proceeds of approximately $18.8 million after offering expenses and placement agency fees. Exactech offered the shares pursuant to an effective registration statement previously filed with the Securities and Exchange Commission.
Exactech expects to use the net proceeds from the sale of these securities for the payment of debt, and the remainder, if any, for general corporate purposes, including working capital, product development and capital expenditures.
Thomas Weisel Partners LLC and Canaccord Adams Inc. served as co-lead agents for the transaction. Robert W. Baird & Co. Incorporated and Noble Financial Capital Markets served as additional co-agents.
Copies of the final prospectus relating to this offering may be obtained from Thomas Weisel Partners LLC, One Montgomery Street, San Francisco, California 94104.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Exactech
Based in Gainesville, Fla., Exactech
develops and markets orthopaedic implant devices, related surgical
instruments and biologic materials and services to hospitals and
physicians. The company manufactures many of its orthopaedic devices at
its Gainesville facility. Exactech’s orthopaedic products are used in
the restoration of bones and joints that have deteriorated as a result
of injury or diseases such as arthritis. Exactech markets its products
in the United States and Australia, in addition to more than 30 markets
in Europe, Asia and Latin America. Additional information about
Exactech, Inc. can be found at www.exac.com.
Copies of Exactech’s press releases, SEC filings, current price quotes
and other valuable information for investors may be found at www.exac.com and www.hawkassociates.com.
An investment profile on Exactech may be found at www.hawkassociates.com/profile/exac.cfm.
Investors may contact Chief Financial Officer Jody Phillips at 352-377-1140 or Julie Marshall or Frank Hawkins, Hawk Associates Inc., at 305-451-1888, e-mail: exactech@hawkassociates.com. To receive future releases in e-mail alerts, sign up at www.hawkassociates.com/about/alert.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company’s expectations or beliefs concerning future events of the company’s financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company’s dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company’s products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
