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news.Exactech has entered into definitive agreements with certain institutional investors to sell 877,391 shares of its common stock at a price of $23 per share, resulting in gross proceeds of approximately $20.2 million and net proceeds of approximately $18.8 million after offering expenses and placement agency fees.
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Exactech has offered the shares pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. The offering is expected to close on or before May 14, 2008 and is subject to certain closing conditions.
The company expects to use the net proceeds from the sale of these securities for the payment of debt, and the remainder, if any, for general corporate purposes, including working capital, product development and capital expenditures.