Full Press Release Details
Prices $60 Million Public Offering of Common Stock
Tenn., July 19, 2023 - Harrow (Nasdaq: HROW), a leading U.S. eyecare pharmaceutical company, today announced that it priced
an underwritten registered public offering of 3,380,282 shares of its common stock at a price of $17.75 per share for aggregate gross
proceeds of $60 million. The offering is expected to close on or about July 21, 2023, subject to customary closing conditions. Harrow
also announced that it had granted the underwriters a 30-day option to purchase an additional 507,042 shares of its common stock in connection
Company expects to use the net proceeds from the sale of the common stock to fund the initial amount payable for an acquisition, with
the remaining net proceeds available for general corporate purposes, including funding future strategic product acquisitions and related
investments, making capital expenditures, and funding working capital and other cash needs, including tax withholding obligations in
connection with the settlement of outstanding equity awards vesting as a result of the achievement of stock price targets.
Riley Securities is acting as sole book-running manager for this offering. Lake Street is acting as lead-manager and Ladenburg Thalmann
& Co. Inc. is acting as co-manager for this offering.
common stock in this offering is being offered by Harrow under its shelf registration statement on Form S-3, which was declared effective
by the Securities and Exchange Commission (the "SEC") on June 6, 2022. A prospectus supplement and accompanying base prospectus
relating to this offering will be filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be
obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by phone at (703) 312-9580, or by emailing
press release shall not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Health, Inc. (Nasdaq: HROW) is a leading U.S. eyecare pharmaceutical company engaged in the discovery, development, and commercialization
of innovative ophthalmic prescription therapies that are accessible and affordable. Harrow owns U.S. commercial rights to ten branded
FDA-approved ophthalmic pharmaceutical products. Harrow also owns and operates ImprimisRx, a leading U.S. ophthalmic-focused pharmaceutical
compounding business, which also serves as a mail-order pharmacy licensed to ship prescription medications in all 50 states. Harrow has
non-controlling equity positions in Surface Ophthalmics, Inc. and Melt Pharmaceuticals, Inc., companies that began as subsidiaries
of Harrow. Harrow also owns royalty rights in four late-stage drug candidates being developed by Surface and Melt.
Prices $60 Million Public Offering of Common Stock
press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act
of 1995. Any statements in this release that are not historical facts may be considered such "forward-looking statements."
Such forward-looking statements include, but are not limited to, statements regarding the intended use of proceeds of the common stock
offering. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that
could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements.
Factors that could cause actual results to differ include (without limitation) the possibility that the common stock offering will not
be consummated at the expected time or at all. Additional risks and uncertainties are more fully described in Harrow's filings
with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and its Quarterly Reports on
Form 10-Q. Such documents may be read free of charge on the SEC's web site at sec.gov. Undue reliance should not be placed
on forward-looking statements, which speak only as of the date they are made. Except as required by law, Harrow undertakes no obligation
to update any forward-looking statements to reflect new information, events, or circumstances after the date they are made, or to reflect
the occurrence of unanticipated events.
of Communications and Investor Relations