RadNet announces plan to raise $200M through another public stock offering
RadNet Inc. on Thursday announced plans to raise $200 million through its second public stock offering since last summer.
The Los Angeles-based imaging center operator said it’s seeking to sell 4.55 million shares of common stock to the public at a price of $44 per share. Proceeds from the offering are expected to go toward “general corporate purposes,” the company said in a March 7 announcement.
“We may also use a portion of the net proceeds to acquire complementary businesses, products, services or technologies; however, except for our previously announced acquisition in Houston, we do not have agreements or commitments to enter into any such acquisitions at this time,” RadNet reported in a filing with the U.S. Securities and Exchange Commission.
Jefferies and Raymond James are acting as joint bookrunning managers for the offering. RadNet said Thursday that it expects to finalize the offering “on or about March 12,” subject to satisfying customary closing conditions.
The company also previously closed a stock offering in June, raising $259 million or 48% more than its original ask. During RadNet’s quarterly earnings call March 1, leaders said $30 million of that money went to paying down debt while another $30 million funded the acquisition of a radiology practice in Houston.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.