EDEN PRAIRIE, Minn. (AP) -- Sunshine Heart Inc., which makes medical devices to treat heart failure, said Thursday that it priced its stock offering of 3.8 million shares at $10.50 each. The company expects about $37 million in proceeds after expenses.
The price is an 8 percent discount to the stock's closing price of $11.35 on Wednesday. Shares fell 65 cents, or 5.7 percent, to close at $10.70. News that a company is selling stock can weigh on the share price because it weighs on the value of shareholders' stakes.
The banks managing the deal may buy another 571,500 shares, which would add to the proceeds. The offering Is expected to close on Sept. 24.
Sunshine Heart expects to use the money to fund trials, market its C-Pulse Heart Assist System and product development.
The stock has traded between $4.85 and $13.80 over the past 52 weeks.