Miromatrix Medical sets the stage for equity raise, shares down 27%

Miromatrix Medical (NASDAQ:MIRO) has commenced an underwritten public offering of shares of its common stock.
Underwriters have a 30-day option to purchase up to an additional 15% of the shares of its common stock.
The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Net proceeds will be used for research, development and manufacturing of Miromatrix’s product candidates, working capital, capital expenditures and general corporate purposes.
Miromatrix may also use a portion of the net proceeds to invest in or acquire businesses or technologies that it believes are complementary to its own, although Miromatrix has no current understandings, commitments or agreements with respect to any investments or acquisitions as of the date of this prospectus supplement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy
MIRO -27.4% after hours to $1.82
Source: Press Release