K2M closes follow-on offering of common stock shares

K2M Group Holdings announced it has closed its follow-on offering of 6,044,990 shares of common stock at a price of $18.75 per share.

The offering included 2,044,990 shares sold by the company itself, along with 4,000,000 shares of common stock sold by stockholders named in the registration statement. Additionally, certain selling stockholders have granted a 30-day option to underwriters from the day of the prospectus to purchase up to 906,748 additional shares of common stock at the public offering price, according to a company press release.

K2M received net proceeds from the offering of approximately $35.9 million after deducting the underwriting discount and estimated offering expenses. The company did not receive any proceeds from shares of common stock sold by the selling stockholders, the release stated.

Proceeds of the primary portion of the offering will be used for working capital and general corporate purposes, which is expected to 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. This also includes the acquisition of or investment in complementary products, technologies or businesses, according to the release.

The follow-on concluded on Feb. 6.

Reference: www.k2m.com.