Paragon 28, Inc. Announces Closing of Underwriters’ Option to Purchase Additional Shares in Connection with Public Offering of Common Stock

February 17, 2023

ENGLEWOOD, Colo.–(BUSINESS WIRE)–Paragon 28, Inc. (NYSE: FNA) (“Paragon”), a leading medical device company exclusively focused on the foot and ankle orthopedic market, announced today completion of the sale of an additional 975,000 shares of its common stock, pursuant to the exercise in full of the option to purchase additional shares granted to the underwriters in connection with Paragon’s recently completed underwritten public offering of 6,500,000 shares of common stock, at a public offering price of $17.00 per share, before underwriting discounts and commissions. 562,500 shares were sold by Paragon and 412,500 shares were sold by certain selling securityholders. After giving effect to the sale of these additional shares, a total of 4,312,500 shares were sold by Paragon and 3,162,500 shares were sold by the selling securityholders in the offering. Paragon received aggregate gross proceeds of approximately $73.3 million in the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Paragon. Paragon did not receive any proceeds from the sale of common stock by the selling securityholders.

Paragon intends to use the net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by Paragon, for working capital, capital expenditures and other general corporate purposes. Paragon may also use a portion of the net proceeds to acquire or invest in products, technologies or businesses that are complementary to its business; however, Paragon currently does not have any agreements or commitments to complete any such transactions.

BofA Securities and Piper Sandler acted as joint book-running managers for the offering. Canaccord Genuity acted as a lead manager for the offering. JMP Securities, a Citizens Company and Needham & Company acted as co-managers for the offering.

The public offering was made pursuant to a registration statement on Form S-3 that was filed by Paragon with the U.S. Securities and Exchange Commission (the “SEC”) on November 1, 2022 and became effective on November 7, 2022. A prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus may be obtained by contacting: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email: dg.prospectus_requests@bofa.com; or Piper Sandler, Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at (800) 747-3924 or via email at prospectus@psc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Paragon 28, Inc.

Based in Englewood, CO., Paragon 28, is a leading medical device company exclusively focused on the foot and ankle orthopedic market and is dedicated to improving patient lives. From the onset, Paragon 28® has provided innovative orthopedic solutions, procedural approaches and instrumentation that cover a wide range of foot and ankle ailments including fracture fixation, forefoot, ankle, progressive collapsing foot deformity (PCFD) or flatfoot, charcot foot and orthobiologics. The company designs products with both the patient and surgeon in mind, with the goal of improving outcomes, reducing ailment recurrence and complication rates, and making the procedures simpler, consistent, and reproducible.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the anticipated use of the net proceeds from the offering. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond Paragon’s control, include, among others, the risks described in Paragon’s prospectus supplement dated January 25, 2023, the accompanying prospectus dated November 7, 2022, and the documents incorporated in the prospectus supplement and the prospectus by reference, including in the section titled “Risk Factors” in Paragon’s most recent annual report on Form 10-K. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Paragon does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein.

Contacts

Investor Contact
Matthew Brinckman
Senior Vice President, Strategy and Investor Relations
Phone: (741) 336-0435
mbrinckman@paragon28.com