Cutera, Inc. has closed its previously announced underwritten public offering of 2,742,750 shares of its common stock at a public offering price of $10.50 per share, which includes the exercise in full of the underwriter’s option to purchase up to an additional 357,750 shares of its common stock at the same price per share to cover over-allotments.
Cutera says it intends to use the net proceeds from the offering to fund growth initiatives, market related development activities, and provide for general corporate purposes, which may include working capital, capital expenditures, clinical trials and other corporate expenses.
Piper Sandler & Co. acted as the sole book-running manager in the offering.
“We are pleased by the market’s interest in this offering – even in the current crisis environment – and believe this indicates confidence in the long-term opportunities that lay ahead for Cutera,” states Dave Mowry, Cutera Chief Executive Officer. “This capital, combined with our recently disclosed cost cutting measures, will ensure that we do not lose momentum on our growth initiatives as we work to further position Cutera as a global energy-based aesthetics leader. Looking ahead, we are focused on retaining critical talent and pushing ahead with our strategic priorities in order to continue transforming the Company and delivering shareholder value.”