Alphatec Announces Organizational and Corporate Updates
- Appointment of
Karen McGinnisto Board of Directors
- Inclusion in Russell 2000® Index
- Drawdown on Squadron Credit Facility
McGinnis has over 20 years of experience in executive operational and finance roles at international public and private companies. She currently serves as the Chief Accounting Officer of
“I am thrilled to welcome Karen to the ATEC team,” said
Addition to the Russell 2000® Index
Effective at the close of the stock market on
The annual reconstitution of the broad-market Russell 3000® Index captures 3,000 of the largest U.S. stocks, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000® Index and the next 2,000 companies constitute the Russell 2000® Index. Membership in the Russell 2000® Index is effective until the Index’s next annual reconstitution.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell's U.S. indexes. For more information on the Russell 2000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
As previously announced, in
“The funds available to us through the total credit facility are an attractive form of capital that allow us to continue to aggressively and opportunistically pursue and execute on our growth strategy,” said
In connection with the drawdown, ATEC issued a warrant to Squadron and its affiliate to purchase up to 4.8 million shares of ATEC common stock at an exercise price of
About Alphatec Holdings, Inc.
Additional information can be found at www.atecspine.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Forward-looking statements include the references to execution of the Company’s growth strategies and initiatives, turning the Company into a growth organization and future market expansion. The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to: the uncertainty of success in developing new products or products currently in the Company’s pipeline; the uncertainties in the Company’s ability to execute upon its strategic operating plan; the uncertainties regarding the ability to successfully license or acquire new products, and the commercial success of such products; failure to achieve acceptance of the Company’s products by the surgeon community; failure to obtain
Chief Financial Officer
Source: Alphatec Holdings, Inc.