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Eargo Prices IPO Of 7.85 Mln Shares At $18, Above The Expected Range

Eargo, Inc., is a hearing aid manufacturer that markets and sells its products directly to consumers, announced the pricing of initial public offering of 7.85 million common shares at $18.00 per share. The closing of the offering is expected to occur on October 20, 2020.

The company has originally filed to sell 6.67 million shares at a range of $12.00 and $14.00 per share.

Eargo also granted underwriters a 30-day option to buy additional 1.18 million shares at the initial public offering price, less underwriting discounts and commissions.

The company shares to begin trading on the Nasdaq Global Select Market on October 16, 2020 under the ticker symbol "EAR."

The company expects offering gross proceeds, before expenses, to be about $141.3 million, excluding any exercise of the underwriters' option to purchase additional shares.

J.P. Morgan and BofA Securities acted as lead book-running managers and as representatives of the underwriters for the offering. Wells Fargo Securities and William Blair acted as co-managers for the offering.

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