Here are five things to know:
1. The private placement is led by new healthcare-dedicated institutional investors and Alphatec directors and investors are participating as well. Certain Alphatec directors and executive officers have agreed to purchase around $2.35 million shares of Series A Convertible Preferred Stock.
2. Depending on the satisfaction of customary closing conditions, the private placement is expected to close on March 28, 2017.
3. Alphatec CEO Terry Rich said, "We believe the additional capital will allow us to execute on our plans to expand our surgeon customer base, drive growth through the launch of our new products — Arsenal Deformity, Battalion Lateral and XYcor Expandable Interbody — as well as support the transformation of our distribution channel."
4. Alphatec will sell 1,809,628 shares of common stock at $2.00 per share in addition to selling 15,245 shares of its newly created Series A Convertible Preferred Stock, which translates to 7,622,372 shares of common stock.
5. H.C. Wainwright & Co. is the acing exclusive placement agent.