Shearman & Sterling advised the underwriters of Sonendo’s initial public offering of 7,800,000 shares of common stock at a public offering price of $12.00 per share, resulting in gross proceeds to the Company of $93.6 million, before deducting underwriting discounts and commissions and offering expenses. The shares began trading on The New York Stock Exchange under the ticker symbol “SONX” on October 29, 2021.
BofA Securities, Goldman Sachs & Co. LLC and Piper Sandler acted as joint lead book-running managers for this offering. Stifel also acted as book-running manager for this offering.
Sonendo is a commercial-stage medical technology company focused on saving teeth from tooth decay, the most prevalent chronic disease globally. Sonendo has developed the GentleWave System, an innovative technology platform designed to treat tooth decay by cleaning and disinfecting the microscopic spaces within teeth without the need to remove tooth structure. The system utilizes a proprietary mechanism of action, which combines procedure fluid optimization, broad-spectrum acoustic energy and advanced fluid dynamics, to debride and disinfect deep regions of the complex root canal system in a less invasive procedure that preserves tooth structure.
The Shearman & Sterling team below included associates Daniella Villatoro (New York—Compensation, Governance & ERISA), Matthew Brown and Eugene Kim (both Washington, DC—Tax) and Austin Grossfeld (New York—IP Transactional).