03:41:24 EDT Sat 17 Apr 2021
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Heska Announces Pricing of Upsized Public Offering of Common Stock

2021-03-02 22:00 ET - News Release

LOVELAND, Colo., March 2, 2021 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA - News; "Heska" or the "Company"), a leading provider of advanced veterinary diagnostic and specialty products, today announced the pricing of an underwritten public offering of 940,860 shares of its common stock at a price to the public of $186.00 per share, for gross proceeds of approximately $175 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Heska.  In addition, Heska has granted the underwriters a 30-day option to purchase up to an additional 141,129 shares of common stock at the public offering price, less the underwriting discounts and commissions. The size of the offering was upsized from $150 million to approximately $175 million. All of the shares of common stock to be sold in the offering will be offered by Heska.

Heska intends to use the net proceeds from the offering for general corporate purposes including working capital, further development and potential commercialization of current and future product initiatives, collaborations, and capital expenditures.  Heska may also use a portion of the net proceeds of this offering to fund possible investments in or acquisitions of complementary businesses, products or technologies, or to repay indebtedness.  However, it has no agreements or commitments to do so.

J.P. Morgan and Piper Sandler & Co. are acting as joint book-running managers for the offering. Guggenheim Securities, A.G.P./Alliance Global Partners and Sidoti & Company, LLC are acting as co-managers for the offering.

The offering is expected to close on or about March 5, 2021, subject to satisfaction of customary closing conditions.

The common stock is being offered and sold pursuant to an effective shelf registration statement on Form S-3 filed by Heska with the Securities and Exchange Commission ("SEC") and only by means of a prospectus supplement and accompanying prospectus included in the registration statement.  A final prospectus supplement related to the offering will be filed with the SEC.  Prospective investors should read the final prospectus supplement, when available, and the accompanying prospectus and other documents Heska has filed with the SEC for more complete information about Heska and the offering.  These documents are available at no charge by visiting the SEC's website at http://www.sec.gov.  Alternatively, copies of the final prospectus supplement, when available, and the accompanying prospectus may be obtained by contacting J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com or by contacting Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN55402, by telephone at (800) 747-3924, or by email at prospectus@psc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About Heska

Heska Corporation (NASDAQ: HSKA) manufactures, develops and sells advanced veterinary diagnostic and specialty healthcare products through its two business segments: North America and International. Both segments include Point of Care Lab testing instruments and consumables, digital imaging products, software and services, data services, allergy testing and immunotherapy, and single-use offerings such as in-clinic diagnostic tests and heartworm preventive products. The North America segment also includes private label vaccine and pharmaceutical production under third-party agreements and channels, primarily for herd animal health.

Forward Looking Statements

Except for historical information, certain statements in this press release, including statements relating to Heska's expectations regarding the completion of the public offering, are forward-looking in nature and are subject to risks, uncertainties and assumptions about us, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the public offering.  Such forward-looking statements involve substantial risks and uncertainties that relate to future events and the actual results could differ significantly from those expressed or implied by the forward-looking statements.  Any forward-looking statements are based on Heska's current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements.  Heska makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.  For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Heska's business in general, please refer to the "Risk Factors" sections in Heska's preliminary prospectus supplement filed with the SEC on March 1, 2021, including the documents incorporated by reference therein, which includes its Annual Report on Form 10-K filed with the SEC on February 26, 2021.

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