BUZZ-Butterfly Network falls after stock offering priced

Reuters
01-30
BUZZ-Butterfly Network falls after stock offering priced

** Shares of medical imaging device maker Butterfly Network BFLY.N down 10% premarket to $3.16 after overnight follow-on priced

** Burlington, Massachusetts-based firm late Weds sold 24 mln shares at $3.15 for nearly $76 mln gross proceeds

** Offering price represents 10.3% discount to stock's last sale

** Co intends to use net offering proceeds to fund development and commercialization of new and existing products and services, and general corp purposes

** With ~213 mln shares outstanding, co has ~$748 mln market cap. It has ~156 mln shares of public float, per LSEG

** TD Cowen, William Blair and Lake Street Capital Markets are bookrunners for offering

** Through Weds, shares up 12.5% YTD and have more than tripled over the past six months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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