The Albany, N.Y.-based company said the round should bring in a total of $40 million through the sale of 2.5 million shares at $16 per share, all offered by selling stockholders.
AngioDynamics said it plans to repurchase a total of 500,000 shares to buy back an $8 million stake. All net proceeds of the round will go to the selling stockholders, the company said.
Barclays Capital Inc. will act as the sole underwriter for the offering.
Last month, AngioDynamics reported its 1st quarter results for fiscal 2017, posting a 5% top-line gain and a swing to black ink.
The company reported profits of $1.3 million, or 4¢ per share, on sales of $88.1 million for the 3 months ended August 31. That amounts to a 5.2% top-line gain and a turnaround from losses of -$775,000 during the same period last year.
Adjusted to exclude 1-time items, profits were $6.4 million and earnings per share were 17¢, up from an adjusted $4 million in sales and 11¢ in earnings per share.
The post AngioDynamics to buy back $8m stake in secondary offering appeared first on MassDevice.
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