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iRhythm Technologies Announces Pricing of Upsized Public Offering of Common Stock

SAN FRANCISCO, Aug. 18, 2020 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care solutions company focused on the advancement of cardiac care, announced today the pricing of its underwritten public offering of 1,093,167 shares of its common stock at a public offering price of $175.00 per share, before deducting underwriting discounts and commissions. All of the shares are being offered for sale by iRhythm Technologies. In addition, iRhythm Technologies has granted the underwriters a 30-day option to purchase up to an additional 163,975 shares of its common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by iRhythm Technologies, are expected to be $191.3 million, excluding any exercise of the underwritersa?? option to purchase additional shares. The offering is expected to close on August 21, 2020, subject to customary closing conditions.iRhythm Technologies intends to use the net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by iRhythm Technologies, to fund growth initiatives and for working capital and other general corporate purposes. iRhythm Technologies may also use a portion of the net proceeds to expand its sales force and operations, increase research and development activities, conduct or sponsor clinical studies and trials, expand internationally, and to provide for working capital and other general corporate purposes. iRhythm Technologies may use a portion of the net proceeds to acquire complementary products, technologies, intellectual property or businesses; however, iRhythm Technologies 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 Morgan Stanley are serving as joint lead book-running managers for the proposed offering. Citigroup, Truist Securities and William Blair are acting as co-managers.A A registration statement on Form S-1 has been filed with the U.S. Securities and Exchange Commission (the SEC) for the offering to which this press release relates. The registration statement became effective on August 18, 2020. Before you invest, you should read the preliminary prospectus in the registration statement and the other documents iRhythm Technologies has filed with the SEC for more complete information about iRhythm Technologies and this offering. You may get these documents, including the final prospectus (when available), for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, copies may be obtained, when available, from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone: (866) 803-9204, or via email: prospectus-eq_fi@jpmorgan.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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.
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