Thursday, May 13, 2021

Why is the stock of SeaSpine Holdings Corporation (SPNE) dripping down in pre-market?

SeaSpine Holdings Corporation (SPNE), a global medical technology company specializing in designing developing, and delivering treatments for spinal disorders, announced that the company has commenced an underwritten public offering of shares of its common stock. SPNE stock saw a plummet adjacent to the news.


5 Stocks Under $10 That Are Poised to Take Off

Investing in stocks under $10 could significantly increase the returns on your portfolio, especially if you pick the right stocks! Within this report you will find 5 top stocks that offer investors huge upside potential and the best bang for their buck.

Add them to your watchlist before they take off!

Get the Top 5 Stocks Now!

Sponsored



SeaSpine Holdings Corporation (SPNE) has declined 3.01% at $20.30 in pre-market trading hours on the last check. The stock of SPNE increased 0.96% to finish the last trading session at $20.93. The price range of the company’s shares was between $20.305 and $21.10.

About SeaSpine


A Backdoor Way To Profit From Today’s Crypto Bull Market

Even if you’re not actively in crypto, you deserve to know what’s actually going on...

Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.

Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free. .

Sponsored


Seaspine has commenced an underwritten public offering of 4,500,000 shares of its common stock at a price of $19.50 per share. The gross proceeds are estimated to reach $87.8M, without considering estimated offering expenses. SeaSpine has also granted a 30-day option to underwriters to purchase 675,000 additional shares.

SeaSpine plans to use a considerable part of the net proceeds from this offering, to finance the cash consideration of $27.5 million to acquire 7D Surgical. The left-over capital will be used for general corporate purposes; however, the offering not being conditioned upon the acquisition being completed.

SPNE expects FY21 revenue between a range of $200M-205M increasing approximately 30% to 33% year-on-year, with preliminary first-quarter FY21 expecting a ballpark figure of $42M. SeaSpine’s President and CEO, Keith Valentine said, “We were pleased with how our revenue accelerated as the first quarter progressed. Despite the headwinds, we faced in January and early February due to COVID restrictions on spine surgeries, we exceeded our own internal expectations for the quarter with strong results in March as those surgery restrictions eased.”

SeaSpine has presently commercialized its products in the United States and in almost 30 countries globally through an extensive distribution network with future plans for further expansion of the company.

Conclusion

SPNE offered a better-than-expected outlook for the current quarter and anticipates sales and profits to grow for the full year after the acquisition of 7D. Furthermore, a larger distribution network and a considerable increase in revenue combined with a diversified product line has peaked investor interest in the company.

Latest news

What is behind the fall of Torchlight Energy Resources Inc. (NASDAQ: TRCH) stock?

Torchlight Energy Resources, Inc. (NASDAQ: TRCH), a growth oil and gas exploration company specializing in the acquisition and development of highly profitable domestic oil...

Eros STX Global Corporation (ESGC) stock is declining: Here is the reason why?

Eros STX Global Corporation (NYSE ESGC) a global multinational media company that acquires, produces, and distributes films, television shows, and digital content issued its...

Yum China Holdings Inc. (YUMC): The Most Important Numbers You Should Know

Yum China Holdings Inc. (YUMC), which operates Taco Bell Restaurants, KFC Restaurants, and Pizza Hut Restaurants in China, has published its first-quarter report for...

Why shares of Akerna Corp. (KERN) stock are up today?

Akerna (KERN), a cannabis technology company focusing to connect data points in the global cannabis supply chain and developer of the cannabis industry's first...

Related news

What is behind the fall of Torchlight Energy Resources Inc. (NASDAQ: TRCH) stock?

Torchlight Energy Resources, Inc. (NASDAQ: TRCH), a growth oil and gas exploration company specializing in the acquisition and development of highly profitable domestic oil...

Eros STX Global Corporation (ESGC) stock is declining: Here is the reason why?

Eros STX Global Corporation (NYSE ESGC) a global multinational media company that acquires, produces, and distributes films, television shows, and digital content issued its...

Yum China Holdings Inc. (YUMC): The Most Important Numbers You Should Know

Yum China Holdings Inc. (YUMC), which operates Taco Bell Restaurants, KFC Restaurants, and Pizza Hut Restaurants in China, has published its first-quarter report for...

Why shares of Akerna Corp. (KERN) stock are up today?

Akerna (KERN), a cannabis technology company focusing to connect data points in the global cannabis supply chain and developer of the cannabis industry's first...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.