UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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| Item 8.01. | Other Events. |
On March 7, 2024, RadNet, Inc. (“RadNet” or the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Jefferies LLC and Raymond James & Associates, Inc., as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale of 4,550,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”). The price to the public in this offering was $44.00 per share. The Underwriters agreed to purchase the shares from the Company pursuant to the Underwriting Agreement at a price of $41.80 per share. In addition, under the terms of the Underwriting Agreement, the Company granted the Underwriters the option, exercisable for 30 days, to purchase up to 682,500 additional shares of Common Stock at the public offering price less the underwriting discounts and commissions (the “Underwriters’ Option”).
The offering and the sale of the shares closed on March 12, 2024. In the aggregate, the Company sold 5,232,500 shares, including the exercise in full of the Underwriters’ Option, for gross proceeds of approximately $230.2 million. The net proceeds to the Company from this offering were approximately $218.2 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.
The Company intends to use the net proceeds from the offering for general corporate purposes and future acquisitions.
The offering was made pursuant to the Company’s shelf registration statement on Form S-3ASR (Registration Statement No. 333-269025) previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”), and a prospectus supplement and accompanying prospectus filed with the SEC.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, and other obligations of the parties. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.
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 report and is incorporated by reference herein. A copy of the opinion of Sheppard Mullin Richter & Hampton, LLP relating to the legality of the issuance and sale of Common Stock in the offering is attached as Exhibit 5.1 to this report.
The Company issued two press releases on March 7, 2024, announcing the commencement and pricing of the offering, which press releases are attached as Exhibits 99.1 and 99.2, respectively, to this report. The Company issued an additional press release on March 12, 2024 announcing the closing of the offering, which press release is attached as Exhibit 99.3 to this report.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number | Description of Exhibit |
| 1.1 | Underwriting Agreement, dated March 7, 2024 among RadNet, Inc. and Jefferies LLC and Raymond James & Associates, Inc., as representatives of the several underwriters named therein |
| 5.1 | Legal Opinion of Sheppard Mullin Richter & Hampton LLP |
| 23.1 | Consent of Sheppard Mullin Richter & Hampton LLP (included in Exhibit 5.1) |
| 99.1 | Press Release dated March 7, 2024 |
| 99.2 | Press Release dated March 7, 2024 |
| 99.3 | Press Release dated March 12, 2024 |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 12, 2024 | RADNET, INC. | ||
| By: | /s/ Mark D. Stolper | ||
| Name: | Mark D. Stolper | ||
| Title: | Chief Financial Officer | ||
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