Recently, HeartWare International Inc. (HeartWare) disclosed the public offering of 1,500,000 of its common stock at $86.45 per share. This pricing came in accordance with the effective shelf registration statement filed with the Securities and Exchange Commission (SEC).
In order to fulfill the over-allotments, HeartWare had also given the underwriters a choice to additionally purchase a maximum of 225,000 shares. As per the rules of the Australian Stock Exchange, HeartWare did not need the approval of the company’s shareholders for this public issue.
The company plans to use the capital issued from the public offering for short-term financial expenses and general corporate expenses. The expenses include, but are not limited to, the expansion of manufacturing capabilities, selling and marketing expenses, expenses toward facilities and infrastructure, research and development, general and administrative support functions, and the acquisition or licensing of or investment in complementary products, technologies or businesses.
The sole book-running manager for this public offering was J.P. Morgan Securities LLC, while the co-managers were Credit Suisse Securities (USA) LLC, Lazard Capital Markets LLC and Canaccord Genuity Inc. During this offering, Perella Weinberg Partners acted as an independent capital markets advisor to HeartWare.
HeartWare International Inc. is a global provider of miniaturized ventricular assist devices (VAD) or miniaturized implantable heart pumps for diagnosis of advanced heart failure.
HeartWare currently retains a Zacks Rank #3 (Hold). We are more positive about Cyberonics Inc , Given Imaging and Teleflex Inc (TFX - Snapshot Report) . While Cyberonics and Given Imaging carry a Zacks Rank #1 (Strong Buy), Teleflex carries a Zacks Rank #2 (Buy).