Alignment Healthcare Announces Closing of Initial Public Offering
30 Mar 2021
ORANGE, Calif., March 30, 2021 (GLOBE NEWSWIRE) -- Alignment Healthcare, Inc. (“Alignment Healthcare” or the “Company”) (Nasdaq: ALHC), a mission-based, tech-enabled Medicare Advantage company, today announced the closing of its initial public offering of 27,200,000 shares of its common stock at $18.00 per share, including 5,500,000 shares of common stock sold by certain existing stockholders. The gross proceeds to the Company, before deducting underwriting discounts and commissions and offering expenses, were approximately $390.6 million. The existing stockholders have granted to the underwriters a 30-day option to purchase up to an additional 4,080,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The Company’s shares are listed on the Nasdaq Global Select Market under the symbol “ALHC.”
The Company intends to use the proceeds of the offering for working capital and general corporate purposes, including continued investments in the growth of its business, and strengthening its balance sheet by potentially repaying debt.