NASHVILLE, Tenn.--(BUSINESS WIRE)--
HealthStream, Inc. (the "Company") (NASDAQ: HSTM), announced today that
it has priced a public offering of 3,250,000 shares of its common stock,
consisting of 3,100,000 shares to be sold by the Company and 150,000
shares to be sold by certain selling shareholders at a price of $16.25
per share. William Blair & Company, L.L.C. is serving as the sole
book-running manager of the public offering, and Avondale Partners, LLC
and Craig-Hallum Capital Group, LLC are serving as co-managers of the
public offering. The Company granted the underwriters a 30-day option to
purchase up to an additional 487,500 shares at the public offering
price, less the underwriting discount, to cover over-allotments, if any.
Subject to customary conditions, the offering is expected to close on or
about November 23, 2011.
The net proceeds to the Company of the public offering after deducting
underwriting discounts and commissions and estimated expenses are
expected to be approximately $47.7 million (or approximately $55.2
million if the underwriters exercise their over-allotment in full). 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
will not receive any proceeds from the sale of shares made by the
selling shareholders.
The offering is being 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). Prospective 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 ability to
raise capital, the amount of capital we intend to raise and our intended
use of that 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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