Spinal Elements Holdings has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. The company intends to price its 7.7 million shares in the range of $13 to $15 apiece, with an overallotment option for an additional 1.155 million shares. At the maximum price, the entire offering is valued up to $132.8 million. The company intends to list its shares on the Nasdaq under the symbol SPEL.
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The underwriters for the offering are Baird, BTIG, Credit Suisse, Siebert Williams Shank, Stifel and Truist.
This medical device company is focused on the design, development and commercialization of a comprehensive portfolio of systems, products and technologies for spine surgery procedures, with a strategic focus on minimally invasive surgery procedures.
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Its product portfolio addresses a broad spectrum of spine surgery procedures. It consists of the following:
- Innovative spinal fixation systems (implantable hardware systems that are mechanically attached to the spine and provide stability)
- Interbody implants (devices implanted between the vertebral bodies of the spine)
- Surgical instruments (instruments used to prepare the spine and implant our devices)
- And biologics (allograft or synthetic biomaterials intended to augment or replace the normal capacity of such tissue in the body)
The company’s product portfolio can address roughly 95% of the spine surgery procedures performed worldwide in 2018, and these systems, products and technologies cover a wide variety of spine disorders, including degenerative conditions, deformities and trauma.
Looking ahead, Spinal Elements expects to continue to complement its existing product portfolio with new product offerings based on innovative technologies. Management believes its comprehensive product portfolio has the potential to enhance the way surgeons operate and to disrupt the spine surgery market.
The company intends to use the net proceeds from this offering to repay its indebtedness, as well as for working capital and general corporate purposes.
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