NASHVILLE, Tenn.--(BUSINESS WIRE)--
HealthStream, Inc. (the "Company") (NASDAQ: HSTM), announced today that
it has closed its previously announced public offering of 3,250,000
shares of its common stock, consisting of 3,100,000 shares sold by the
Company and 150,000 shares sold by certain selling shareholders at a
price of $16.25 per share. In addition, the underwriters fully exercised
their 30-day overallotment option to purchase an additional 487,500
shares from the Company, resulting in a total sale of 3,737,500 shares.
William Blair & Company, L.L.C. served as the sole book-running manager
of the public offering, and Avondale Partners, LLC and Craig-Hallum
Capital Group, LLC served as co-managers of the public offering.
The net proceeds to the Company of the public offering after deducting
underwriting discounts and commissions and estimated expenses were
approximately $55.2 million. The Company intends to use the net proceeds
from the public offering for working capital and general corporate
purposes and/or to acquire or invest in strategic businesses, products,
or technologies. The Company did not receive any proceeds from the sale
of shares made by the selling shareholders.
The offering was made pursuant to a prospectus supplement to the
prospectus filed with the Securities and Exchange Commission (the "SEC")
as a part of the Company's shelf-registration statement on Form S-3, as
amended (File No. 333-175863). Investors in the public offering should
read the prospectus in the registration statement, the prospectus
supplement for the public offering, and the other documents incorporated
therein by reference that the Company has filed with the SEC for more
complete information about the Company and the public offering.
Investors can obtain these documents without charge on the SEC website
at www.sec.gov.
Alternatively, copies of the prospectus supplement for the public
offering and the prospectus relating to the public offering can be
obtained from William Blair & Company, 222 West Adams Street, Chicago,
Illinois 60606, or by calling 1-800-621-0687.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
About HealthStream
HealthStream (NASDAQ: HSTM) is a leading provider of learning and
research solutions for the healthcare industry, transforming insight
into action to deliver outcomes-based results for healthcare
organizations. Through HealthStream's learning solutions—which have been
contracted by over 2.65 million hospital-based healthcare
professionals—healthcare organizations create safer environments for
patients, increase clinical competencies of their workforces, and
facilitate the rapid transfer of the latest knowledge and technologies.
Through our research products, healthcare organizations gain valuable
insight about patients' experiences, workforce challenges, physician
relations, and community perceptions of their services. Based in
Nashville, Tennessee, HealthStream has an additional office in Laurel,
Maryland.
This press release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In this
press release we make forward-looking statements about our use of
capital. These statements are necessarily subject to risk and
uncertainty and actual results could differ materially from those
anticipated due to various factors, including those set forth from time
to time in the Company's filings with the SEC. You should not place
undue reliance on forward-looking statements and the Company undertakes
no obligation to update any such statements to reflect circumstances or
events that occur after the dates on which the forward-looking
statements are made.
HealthStream, Inc.
Gerard M. Hayden, Jr., 615-301-3163
Chief
Financial Officer
ir@healthstream.com
or
Media:
Mollie
Condra, Ph.D., 615-301-3237
Associate Vice President, Investor
Relations & Communications
mollie.condra@healthstream.com
Source: HealthStream, Inc.
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