What Sparked Anteris Technologies (AVR) Stock Surge Over 52% After-Hours?

Anteris Technologies Global Corp. (NASDAQ:AVR) shares jumped 52.17% in after-hours trading on Tuesday, reaching $8.75, following the announcement of a major capital raise.

According to Benzinga Pro data, AVR closed the regular session at $5.75, up 12.52%.

$200 Million Public Offering Announced

The Brisbane-based structural heart company announced plans for a $200 million underwritten public offering of common stock, according to a Monday press release. Underwriters were granted a 30-day option to purchase an additional $30 million in shares at the offering price.

Medtronic Strategic Investment

Anteris also agreed to sell up to $90 million in common stock to American-Irish healthcare technology company Medtronic plc through a wholly owned subsidiary in a private placement, under a stock purchase agreement dated Jan. 20.

Medtronic will purchase a minimum of 16% and maximum of 19.99% of shares outstanding after the offering at the public offering price.

The completion of the private placement depends on the successful completion of the public offering; however, the public offering does not depend on the completion of the private placement.

Proceeds To Fund PARADIGM Trial

Anteris plans to use the proceeds to support its DurAVR Transcatheter Heart Valve global pivotal trial for patients with severe aortic stenosis, expand manufacturing capacity and development for v2vmedtech, inc.

Barclays (LON: BARC), Wells Fargo Securities (NYSE:WFC) and Cantor serve as joint book-running managers.

Trading Metrics, Technical Analysis

Anteris has a market capitalization of $236.89 million, with its stock trading in a 52-week range of $2.34 to $8.79.

Over the 12 months, the stock has declined 2.21%, reflecting a longer-term downtrend. This decline highlights ongoing challenges for the company and suggests that investors should exercise caution.

The stock of the healthcare company has a Relative Strength Index (RSI) of 66.01.

Anteris Technologies stock is currently positioned at 52.9% of its 52-week range, approaching its yearly highs.

Benzinga's Edge Stock Rankings indicates AVR stock has a positive price trend across all time frames.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.