IntriCon Announces Completion of Public Offering of Common Stock & Exercise in Full of Underwriters' Option to Purchase Addit...
August 20 2018 - 4:01PM
Business Wire
IntriCon Corporation (NASDAQ: IIN), a designer,
developer, manufacturer and distributor of body-worn devices, today
announced the completion of its previously announced underwritten
public offering of 1,725,000 shares of its common stock, including
225,000 shares sold pursuant to the exercise in full of the
underwriters' option to purchase additional shares. All shares in
the offering were sold by IntriCon at a price to the public of
$55.00 per share. Net proceeds from the offering, including
pursuant to the option exercise, after deducting underwriting
discounts and commissions and estimated offering expenses, are
expected to be approximately $88.9 million.
IntriCon intends to use these net proceeds to repay debt, to
fund capital expenditures, to repurchase and retire 500,000 shares
of its common stock from certain of its directors and officers at a
price equal to the net proceeds per share that IntriCon received
from the offering, before expenses, and for working capital and
other general corporate purposes.
Stifel acted as sole book-running manager of the offering. B.
Riley FBR and Dougherty & Company LLC acted as co-managers of
the offering.
The shares were issued pursuant to a shelf registration
statement on Form S-3 previously filed with and declared effective
by the Securities and Exchange Commission (the “SEC”). A final
prospectus supplement relating to this offering has been filed with
the SEC. Copies of the final prospectus supplement and the
accompanying base prospectus may be obtained from Stifel, Nicolaus
& Company, Incorporated, Attention: Syndicate, One Montgomery
Street, Suite 3700, San Francisco, California 94104, by telephone
at (415) 364-2720 or by email at syndprospectus@stifel.com.
Electronic copies of the final prospectus supplement and
accompanying base prospectus are also available on the website of
the SEC at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the shares described herein or any
other securities, nor shall there be any sale of these securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction. The offering may be made only by means of a
prospectus supplement and the accompanying base prospectus.
About IntriCon Corporation
Headquartered in Arden Hills, Minn., IntriCon Corporation
designs, develops and manufactures miniature and micro-miniature
body-worn devices. These advanced products help medical, healthcare
and professional communications companies meet the rising demand
for smaller, more intelligent and better-connected devices.
IntriCon has facilities in the United States, Asia, the United
Kingdom and Europe. The company’s common stock trades under the
symbol “IIN” on the NASDAQ Global Market. For more information
about IntriCon, visit www.intricon.com.
Forward-Looking Statements
Statements made in this release and in IntriCon’s other public
filings and releases that are not historical facts or that include
forward-looking terminology, including IntriCon’s anticipated use
of proceeds from the offering, are “forward-looking statements”
within the meaning of the Securities Exchange Act of 1934, as
amended. These forward-looking statements may be affected by known
and unknown risks, uncertainties and other factors that are beyond
IntriCon’s control, including the risks and uncertainties
associated with IntriCon’s actual offering expenses, as well as
risks and uncertainties inherent in IntriCon’s business, and may
cause IntriCon’s actual results, performance or achievements to
differ materially from the results, performance and achievements
expressed or implied in the forward-looking statements. These
risks, uncertainties and other factors are detailed from time to
time in the company’s filings with the Securities and Exchange
Commission, including the Annual Report on Form 10-K for the year
ended December 31, 2017, and in the final prospectus supplement
related to the public offering, each available on the SEC's web
site at www.sec.gov. The company disclaims any intent or obligation
to publicly update or revise any forward-looking statements,
regardless of whether new information becomes available, future
developments occur or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180820005574/en/
IntriCon CorporationScott Longval, CFO,
651-604-9526slongval@intricon.com
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