|Eric Major, the president and CEO of K2M, at a ceremony to ring the NASDAQ stock market opening bell. - Photo Courtesy/K2M|
K2M, a medical device company focusing on spinal equipment located in Leesburg this morning began selling public shares of stock for $15.
The company holds 41 patents on various products and employs more than 700 people in more than 25 countries.
K2M filed paperwork to go public in early February, and as of today is being traded on the NASDAQ stock exchange with the symbol "KTWO."
With 8,825,000 shares for sale, the market capitalization – a companies outstanding shares multiplied by the share price – would be more than $132 million.
That number would put it behind only Orbital Sciences and NeuStar among publicly traded companies in the county.
According to Investopedia, a website devoted to investment education, "The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures."
The company expects to infuse $120 million of capital into operations "after deducting underwriting discounts and estimated offering expenses," according to a prepared statement put out today by the company.
The company hopes to reduce its debt load and plans to bring more resources to research and development.
As of 3:30 p.m. the share price was at just over $15 a share. Follow along at www.nasdaq.com/symbol/ktwo
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