Friday, July 30, 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.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

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

KLA Corporation (KLAC) announces new shipments of innovative device

Electronic manufacturing equipment manufacturer KLA Corporation (NASDAQ: KLAC) announced new shipments of its innovative device. It changes one of the major technological processes, and...

Novanta Inc. (NOVT) Acquires Schneider Electric Motion USA (SEM) For $115M Cash

Novanta Inc. (NASDAQ: NOVT) has acquired Schneider Electric Motion USA (SEM), a company that could contribute to its industrial automation development. Novanta Inc. (NOVT) purchased...

What Helped MannKind Corporation (MNKD) Stock Jump 11.6 Percent?

During the trading session on 28 June,2021 MannKind Corporation (NASDAQ: MNKD) advanced 11.60 percent to $5.31.This hike occurred as a result of recent efforts...

Identifying Value and Future Vision in Chewy Inc. (CHWY) Stock

Chewy Inc. (NYSE: CHWY), an online pet product retailer, recently introduced a new service, Connect With a Vet, featuring remote consultations with veterinarians. The...

Related news

KLA Corporation (KLAC) announces new shipments of innovative device

Electronic manufacturing equipment manufacturer KLA Corporation (NASDAQ: KLAC) announced new shipments of its innovative device. It changes one of the major technological processes, and...

Novanta Inc. (NOVT) Acquires Schneider Electric Motion USA (SEM) For $115M Cash

Novanta Inc. (NASDAQ: NOVT) has acquired Schneider Electric Motion USA (SEM), a company that could contribute to its industrial automation development. Novanta Inc. (NOVT) purchased...

What Helped MannKind Corporation (MNKD) Stock Jump 11.6 Percent?

During the trading session on 28 June,2021 MannKind Corporation (NASDAQ: MNKD) advanced 11.60 percent to $5.31.This hike occurred as a result of recent efforts...

Identifying Value and Future Vision in Chewy Inc. (CHWY) Stock

Chewy Inc. (NYSE: CHWY), an online pet product retailer, recently introduced a new service, Connect With a Vet, featuring remote consultations with veterinarians. The...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

1745

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam