Monogram Orthopedics stock soars 91% following $17M IPO (update)
Andrey Tolkachev
Medical device maker Monogram Orthopedics (NASDAQ:MGRM) stock soared as much as 91% following a $17M initial public offering.
Shares of Monogram opened at $10.15. The stock hit a high of $13.86 in late morning trading before sliding to close at $11.75, up 62% from its IPO price of $7.25.
Monogram went public via a Regulation A+ IPO, a type of offering created under the JOBS Act to give small companies better access to capital. Other past Reg A+ IPOs include Chicken Soup for the Soul Entertainment (CSSE) and Knightscope (KSCP).
The company said it sold 2.4M shares priced at $7.25, which raised around $17.2M. The offering closed on Wednesday.
Digital Offering served as lead managing selling agent, with R.F. Lafferty as syndicate manager. Selling group members included Cambria Capital, DealMaker Securities and OpenDeal Broker.
Based in Austin, Texas, Monogram is a developer of orthopedic implants, tissue ablation tools, robotic surgical equipment and related software.
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