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K2M Group Holdings files registration statement for follow-on offering
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K2M Group Holdings recently announced it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed follow-on public offering of its common stock.
The company expects to raise approximately $40 million, and selling stockholders named in the registration statement expect to sell approximately 4.9 million shares of common stock in the offering. The amount includes a 30-day option to purchase additional shares of common stock that is expected to be granted to the underwriters, according to a press release.
Funds raised from the offering will be used by K2M for working capital and general corporate purposes. This will include the expansion of the company’s global distribution network through the hiring or contractual engagement of qualified individuals and purchasing of inventory to support their sales efforts, and may also include the acquisition of or investment in complementary products, technologies or businesses, according to the release.
The secondary offering will also facilitate a distribution of shares by the selling stockholders and to increase the public float of the company’s shares. K2M will not receive any proceeds from shares of common stock being sold by the selling stockholders, the release stated.
Reference: www.k2m.com.