PROCEPT BioRobotics Corporation (NASDAQ: PRCT), a surgical robotics company focused on advancing patient care by developing transformative solutions in urology, has announced the pricing of an upsized underwritten public offering of 4,422,169 shares of its common stock at a public offering price of US$33.92 per share, before underwriting discounts and commissions, for aggregate gross proceeds of approximately US$150 million. In addition, PROCEPT BioRobotics has granted the underwriters a 30-day option to purchase up to an additional 663,325 shares of its common stock at the public offering price, less underwriting discounts and commissions. All of the shares in the offering are to be sold by PROCEPT BioRobotics. The offering is expected to close on or about August 4, 2023, subject to customary closing conditions.
Latham & Watkins LLP advised PROCEPT BioRobotics in the transaction with a capital markets team led by Orange County partners Shayne Kennedy and Drew Capurro, with associates Jacob Walsh, Caitlin Nguyen, and David Stepovich. Additional advice was provided on tax matters by Century City partner Samuel Weiner, with associate Brian Rogers; on regulatory matters by Bay Area partner Betty Pang and Washington, D.C. partner Elizabeth Richards, with associates Chad Jennings and Meryl Bartlett; on IP matters by Bay Area partner Jekkie Kim; and on data privacy matters by Bay Area partner Heather Deixler.