Hyperfine Inc., a Guilford-based medical imaging technology company, has priced its underwritten public offering of 14 million shares of its Class A common stock at $1.25 per share, the company said Thursday.
All shares in the offering are being sold by the company, which expects to raise approximately $17.5 million in gross proceeds before deducting underwriting discounts, commissions and other expenses. The offering is expected to close on or about Oct. 17, pending customary closing conditions.
Hyperfine has also granted the underwriter, Lake Street Capital Markets LLC, a 30-day option to purchase up to an additional 2.1 million shares of common stock — equal to 15% of the shares in the offering — at the same $1.25 price, minus underwriting discounts and commissions. Lake Street Capital Markets is the sole bookrunner for the transaction.
Hyperfine said it intends to use proceeds from the offering for working capital and general corporate purposes, including commercial operations, manufacturing, and research and development initiatives.
The shares are being offered under a shelf registration statement that Hyperfine filed with the U.S. Securities and Exchange Commission in November 2023, which became effective later that month. A preliminary prospectus supplement and accompanying base prospectus related to the offering were filed with the SEC on Oct. 15. Final versions will be available on the SEC’s website.
Founded by scientist and entrepreneur Dr. Jonathan Rothberg, Hyperfine is developing the Swoop Portable MRI system — the first ultra-low-field, magnetic resonance brain imaging system approved by the U.S. Food and Drug Administration for use at multiple points of care.