Item 8.01. Other Events.
On August 11, 2022, Inspire Medical Systems, Inc. (the "Company") entered into
an underwriting agreement (the "Underwriting Agreement") with Goldman Sachs &
Co. LLC (the "Underwriter") in connection with the public offering, issuance and
sale by the Company of 1,000,000 shares of the Company's common stock, $0.001
par value per share (the "Common Stock"), at a public offering price of $215.00
per share, less underwriting discounts and commissions, pursuant to an effective
shelf registration statement on Form S-3 (Registration No. 333-237654) and a
related prospectus supplement filed with the Securities and Exchange Commission.
Under the terms of the Underwriting Agreement, the Company also granted the
Underwriter an option exercisable for 30 days to purchase up to an additional
150,000 shares of its common stock at the public offering price, less
underwriting discounts and commissions, which option was exercised in full prior
to the closing of the offering. The closing of the offering occurred on August
15, 2022.
The Company estimates the net proceeds from the offering, including from the
exercise by the Underwriter of its option to purchase additional shares as
described above, will be approximately $243.8 million, after deducting
underwriting discounts and commissions and estimated offering expenses payable
by the Company. The Company intends to use the net proceeds of the offering to
continue to hire sales and marketing personnel and expand marketing programs in
the United States, Europe and the Asia Pacific region, to reduce outstanding
borrowings under the Company's credit facility, to fund product development and
research and development activities and the remainder for working capital and
other general corporate purposes.
The Underwriting Agreement contains customary representations, warranties and
agreements by the Company, customary conditions to closing, indemnification
obligations of the Company and the Underwriter, including for liabilities under
the Securities Act of 1933, as amended, other obligations of the parties and
termination provisions.
The foregoing description of the Underwriting Agreement is not complete and is
qualified in its entirety by reference to the full text of the Underwriting
Agreement, a copy of which is filed as Exhibit 1.1 to this Current Report on
Form 8-K and is incorporated by reference herein.
Latham & Watkins LLP, counsel to the Company, has issued an opinion to the
Company, dated August 15, 2022, regarding the validity of the shares of common
stock to be issued and sold in the offering. A copy of the opinion is filed as
Exhibit 5.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
1.1 Underwriting Agreement, dated August 11, 2022, by and between the
Company and Goldman Sachs & Co. LLC.
5.1 Opinion of Latham & Watkins LLP.
23.1 Consent of Latham & Watkins LLP (included in Exhibit 5.1).
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded
within the Inline XBRL document.
2
© Edgar Online, source Glimpses