Shares of Senseonics Holdings Inc (NASDAQ:SENS) are trading sharply lower Friday morning following the late-Thursday announcement of the pricing for an $80 million underwritten public offering. Here’s what investors need to know.
- Senseonics Holdings stock is showing downward pressure. What’s next for SENS stock?
Funding The Eversense 365 Commercial Launch
The Maryland-based medical technology company, which specializes in long-term implantable continuous glucose monitoring systems, priced 8 million shares of common stock at $5.00 per share.
In addition to the common stock, Senseonics is offering pre-funded warrants for an additional 8 million shares at a purchase price of $4.999 each. The anticipated gross proceeds of $80 million are intended to fund the ongoing commercial launch of the Eversense 365 system and the continued development of pipeline products.
Underwriters, including joint book-running managers TD Cowen and Barclays, have also been granted a 30-day option to purchase up to 2.4 million additional shares.
The offering is expected to close on May 4. While the capital infusion supports Senseonics' mission to transform glucose management for the global diabetes community, the immediate dilutive impact and offering price have triggered a significant sell-off in early Friday trading.
SENS Shares Slide Friday Morning
SENS Stock Price Activity: Senseonics Holdings shares were trading lower by 22.54% at $5.12 at the time of publication on Friday, according to Benzinga Pro data.
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