iCAD Announces Closing of $25.0 Million Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares

NASHUA, N.H., March 08, 2021 (GLOBE NEWSWIRE) -- iCAD, Inc. (the “Company”, NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced the closing on March 5, 2021 of its previously announced underwritten public offering of 1,393,738 shares of common stock at a public offering price of $18.00 per share, which included the exercise in full by the underwriters of their option to purchase up to an additional 171,516 shares of common stock. The Company received total gross proceeds from the offering (before deducting the underwriting discounts and offering expenses) of approximately $25.0 million. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes.

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

The securities described above were 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 final prospectus supplement relating to the offering dated March 2, 2021 was filed with the SEC on March 4, 2021 and is available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may also be obtained 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].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.