SynCardia Systems filed for an initial public offering of 2.5 million shares, to raise up to $30 million. The medical technology company, which makes temporary artificial hearts, expects the IPO to price between $10 and $12 a share. SynCardia has applied to have its stock listed on the Nasdaq Global Market under the ticker symbol “TAHT.” Roth Capital Partners is the sole book-running manager of the IPO, while Maxim Group and Monarch Capital Group are co-managers. If the underwriters exercise options to purchase additional shares, SynCardia could raise up to $34.5 million. The company plans to use the proceeds from the IPO for research and development, for sales and distribution, to pay down debt and for general corporate purposes.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News