SEATTLE, June 21, 2018 (GLOBE NEWSWIRE) – Trupanion, Inc. (Nasdaq:TRUP), a leading provider of medical insurance for cats and dogs, announced today the pricing of its underwritten registered public offering of 1,818,182 shares of its common stock (“Common Stockâ€) at a price to the public of $33.00 per share. Trupanion also granted the underwriters a 30-day option to purchase up to 272,727 additional shares of common stock. Closing of the offering is expected to occur on or about June 25, 2018, subject to customary closing conditions. All of the shares sold in the offering are being sold by Trupanion. The gross proceeds to Trupanion from this offering are expected to be approximately $60.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Trupanion.
Trupanion is seeking to reduce its fixed expenses and expand the funds available to invest in growth and drive other strategic initiatives. Trupanion intends to use the net proceeds from the offering to fund the purchase of its home office building, located in Seattle, WA.Trupanion believes the opportunity to own its building will reduce its fixed expenses, enabling Trupanion to provide the best value proposition to its customers and fund additional investment in pet acquisition to continue to grow the category.Additionally, a portion of the building may be owned by Trupanion’s insurance entity, freeing up additional working capital to invest in growth and other strategic initiatives. Any remaining funds will be used for general corporate purposes, including general and administrative expenses and capital expenditures.
Stifel is acting as the sole book-running manager for the offering. Canaccord, CL King & Associates, Lake Street and Northland Capital Markets are acting as co-managers for the offering.
The offering of these securities will be made only by means of a registration statement (including a preliminary prospectus for the offering) filed with the U.S. Securities and Exchange Commission on June 20, 2018. Copies of the preliminary prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by calling (415) 364-2720 or by emailing [email protected].
