CryoLife Files To Raise Up To $100 Million In Capital (CRY)

CRYOLIFE, INC. (NYSE: CRY) has just filed with the SEC to raise up to $100 million in a mixed securities offering.  The filing will allow the company to sell any combination of the following securities:Common Stock, Preferred Stock, Depositary Shares, Warrants, and/or Units. 

The filing notes that it may offer securities “from time to time at prices and on terms to be determined at or prior to the time of the offering, any combination of the securities described in this prospectus, either individually or in units.”  The company further noted that it may also offer common stock upon conversion of the preferred stock.

The last reported sale price of the common stock on February 21, 2012 was $5.29 per share.

As far as the use of proceeds, the firm noted that management will have broad discretion over the use of the net proceeds from the sale of the securities.  It currently plans to use the funds for working capital and general corporate purposes (including the repayment of debt, to fund the acquisition of companies, businesses, technologies, products or assets).  The company noted that it currently has no commitments or agreements for any specific acquisitions.

Here is how the offering fits in with total capitalization.  CryoLife is authorized to issue up to 75,000,000 shares of Common Stock and 5,000,000 shares of Preferred Stock.  As of February 10, 2012, there were 27,711,808 shares of Common Stock outstanding net of 2,385,695 treasury shares.

The most recent market capitalization per Yahoo! Finance was $146 million and its average daily volume is only about 101,000 shares.