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STAAR Surgical completes $8 million common stock offering

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MONROVIA, Calif. — STAAR Surgical has completed a registered direct offering of 4,255,319 shares of its common stock at a price of $1.88 per share, for a total value of approximately $8 million, the company announced in a press release.

STAAR plans to use proceeds from the stock offering to fund a deposit with the court to secure a stay of enforcement of the judgment pending STAAR's appeal in its ongoing litigation with Parallax Medical Systems. The current temporary stay in the case expires on June 22.

All shares of common stock were sold pursuant to a shelf registration statement that was declared effective by the U.S. Securities and Exchange Commission on June 12. No other securities were issued in connection with this offering.

The transaction, which is expected to close today, was financed by unanimous participation among the company's largest shareholders, the release said.

STAAR Surgical did not employ an underwriter for the transaction.