Sunshine Heart Inc. (SSH, SHC.AX) announced the pricing of its offering of 2.50 million shares of its common stock at a price to the public of $5.25 per share in an underwritten public offering.
Canaccord Genuity is acting as sole book-running manager for the offering. In addition, Sunshine Heart has granted the underwriter a 30-day option to purchase up to an additional 375,000 shares solely to cover over-allotments, if any. The offering is expected to close on or about April 16, 2013, subject to customary closing conditions.
The company noted that it currently intends to use the net proceeds from the offering for general corporate purposes, including its ongoing clinical trial and product development activities.
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