Shares of Anteris Technologies Global Corp. (NASDAQ: AVR) experienced a dramatic surge in after-hours trading on Tuesday, soaring by 52.17% to reach a price of $8.75. This extraordinary increase followed the company's public disclosure about its plan for a significant capital raise. Notably, Anteris' stock closed the standard trading session at $5.75, reflecting a gain of 12.52% during regular hours before the extended trading activity escalated the stock price further.
The Brisbane-headquartered company, known for its innovations in structural heart technologies, publicized its intention to launch an underwritten public offering of common stock valued at $200 million. This move is structured with an additional provision for underwriters to purchase an extra $30 million worth of shares within 30 days following the offering price, which underscores the potential flexibility and investor appetite for this financing initiative.
In conjunction with the public offering, Anteris successfully entered a private placement stock purchase agreement dated January 20 with Medtronic plc, a prominent American-Irish healthcare technology corporation. Through this agreement, Medtronic committed to acquiring up to $90 million in common stock directly from Anteris via a wholly owned subsidiary.
The share purchase by Medtronic is structured to represent between 16% and 19.99% of Anteris' outstanding shares after the completion of the public offering, with the price per share aligned with the public offering price. It is important to note that while the private placement's completion is contingent upon the successful execution of the public offering, the public offering itself is not dependent on the finalization of the private placement transaction.
The influx of capital from these two financing channels is earmarked to facilitate several strategic corporate objectives for Anteris. Primarily, the funds will bolster the company's ongoing global pivotal clinical trial for the DurAVR Transcatheter Heart Valve, targeting patients afflicted with severe aortic stenosis. In addition, proceeds will support the expansion of manufacturing capabilities and fund further development efforts at v2vmedtech, Inc., reflecting a broader commitment to innovation and capacity enhancement.
Key financial institutions are playing pivotal roles in managing this offering. Barclays Plc (NYSE: BARC), Wells Fargo Securities (NYSE: WFC), and Cantor Fitzgerald are engaged as joint book-running managers, responsible for overseeing the execution and coordination of this significant equity financing endeavor.
Anteris Technologies presently maintains a market capitalization of approximately $236.89 million. The company's stock performance over the preceding twelve months reveals a modest downturn with a 2.21% decline, indicating some ongoing challenges within its market segment during this timeframe. The stock has traded within a 52-week range spanning from a low of $2.34 to a high of $8.79, situating the current price near the upper bounds of its annual trading spectrum.
Technical indicators provide additional context: the Relative Strength Index (RSI) stands at 66.01, suggesting that Anteris' shares are approaching a level of price strength that may attract renewed investor focus. The current stock price positions the shares at approximately 52.9% along their 52-week trading range, reflecting a substantial recovery from previous lows.
Market analytics, such as Benzinga's Edge Stock Rankings, support an interpretation of positive momentum for AVR shares across multiple temporal frames, underscoring a bullish trend potentially influenced by recent corporate financing developments.
However, despite this impressive surge and encouraging technical signals, the prior year-long downward drift and other market factors counsel caution among investors. The company's ability to successfully deploy capital from the public and private equity raises toward clinical advancement and manufacturing enhancement will be crucial in sustaining its share price gains.