iCAD Announces Pricing of $22.0 Million Public Offering of Common Stock

NASHUA, N.H., March 03, 2021 (GLOBE NEWSWIRE) -- iCAD, Inc. (the “Company”, NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced the pricing of an underwritten public offering of 1,222,222 shares of its common stock at a public offering price of $18.00 per share. The gross proceeds of the offering to the Company are expected to be approximately $22.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses. In addition, the Company granted the underwriters a thirty-day option to purchase up to an additional 171,516 shares of common stock at the public offering price, less underwriting discounts and commissions.

The closing of the offering is expected to occur on or about March 5, 2021, subject to the satisfaction of customary closing conditions.

Guggenheim Securities is acting as sole book-running manager for the offering. JMP Securities, Craig-Hallum Capital Group, and Lake Street Capital Markets, LLC are acting as lead managers for the offering and Laidlaw & Company (UK) Ltd. and Colliers Securities LLC are acting as co-managers for the offering.

The Company intends to use the net proceeds of the offering for working capital and general corporate purposes.

The securities described above are being offered by the Company pursuant to an effective shelf registration statement on Form S-3 (File No. 333-235887) previously filed with the Securities and Exchange Commission (“SEC”) on January 10, 2020, which registration statement was declared effective on January 31, 2020, and an additional registration statement on Form S-3MEF (File No. 333-253808) filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, on March 2, 2021, which registration statement became automatically effective upon filing. A preliminary prospectus supplement relating to the offering was filed with the SEC on March 2, 2021 and is available on the SEC’s website at http://www.sec.gov. The final prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and also will be available on the SEC’s website. Before investing in the offering, you should read each of the prospectus supplement and the accompanying prospectus relating to the offering in their entirety as well as the other documents that the Company has filed with the SEC that are incorporated by reference in the prospectus supplement and the accompanying prospectus relating to the offering, which provide more information about the Company and the offering. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017, by telephone at [phone], or by email at [e-mail].