Silk Road Medical Announces Pricing of Upsized Public Offering

SUNNYVALE, Calif. , May 05, 2020 (GLOBE NEWSWIRE) -- Silk Road Medical, Inc. (Nasdaq: SILK) (“Silk Road Medical”), a company focused on reducing the risk of stroke and its devastating impact, today announced the pricing of an underwritten public offering of 6,808,154 shares of its common stock at a public offering price of $39.00 per share, before deducting underwriting discounts and commissions. 1,923,076 shares in the offering are being offered for sale by Silk Road Medical, and 4,885,078 shares are being offered for sale by certain selling securityholders. In addition, the selling securityholders have granted the underwriters a 30-day option to purchase up to an additional 1,021,223 shares of common stock at the public offering price, less the underwriting discounts and commissions. The gross proceeds from the offering to Silk Road are expected to be approximately $75 million. Silk Road Medical will not receive proceeds from the sale of its common stock by selling securityholders. The offering is expected to close on May 8, 2020, subject to the satisfaction of customary closing conditions.

Silk Road Medical intends to use the net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by Silk Road Medical, to expand its sales force and operations, increase research and development activities, conduct or sponsor clinical studies and trials, lease new facilities, expand internationally, and to provide for working capital and other general corporate purposes. Silk Road Medical may use a portion of the net proceeds to repay debt or acquire complimentary products, technologies, intellectual property or businesses; however, Silk Road Medical currently does not have any agreements or commitments to complete any such transactions and is not involved in negotiations regarding such transactions.

J.P. Morgan and BofA Securities are acting as joint book-running managers of the offering. Citigroup is also acting as book-running manager. Stifel is acting as co-manager.

The public offering will be made pursuant to an automatic shelf registration statement on Form S-3 that was filed by Silk Road Medical with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on May 5, 2020. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email: [e-mail]; or BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email: [e-mail].