April 23, 2021
Treace Medical Concepts, Inc. (Nasdaq: TMCI), a commercial-stage orthopaedic medical device company driving a paradigm shift in the surgical treatment of Hallux Valgus (commonly known as bunions), has announced the pricing of its upsized initial public offering of an aggregate of 11,250,000 shares of its common stock, 6,250,000 of which are being sold by Treace and 5,000,000 of which are being sold by certain selling stockholders, at a public offering price of US$17 per share. The gross proceeds from the offering to Treace are expected to be approximately US$106.3 million before deducting underwriting discounts and commissions and other offering expenses payable by Treace. Treace will not receive any proceeds from the sale of shares by the selling stockholders. In addition, Treace and the selling stockholders have granted the underwriters a 30-day option to purchase up to 1,687,500 additional shares of common stock (up to 703,125 additional shares from Treace and up to 984,375 additional shares from the selling stockholders) at the public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the Nasdaq Global Select Market on April 23, 2021 under the ticker symbol TMCI The offering is expected to close on April 27, 2021, subject to satisfaction of customary closing conditions.
Latham & Watkins LLP represents Treace Medical Concepts, Inc. in the offering with a life sciences capital markets deal team led by Bay Area partners Brian Cuneo and Phillip Stoup, with Bay Area associates Alexander White, Taimi Jacobson, and Melinda Vanderburg. Advice was also provided on tax matters by Bay Area partner Grace Lee, with Bay Area associate Derek Berry; on intellectual property matters by Bay Area partner Christopher Hazuka, with San Diego associate Robert Yeh; on regulatory matters by Washington, D.C. partner Elizabeth Richards, with Bay Area counsel Betty Pang and Heather Deixler, and Washington, D.C. associates Chad Jennings and Alyssa Lattner; and on benefits and compensation matters by Bay Area partner Ashley Wagner.