Accolade, Inc. (ACCD) on Monday announced closing of its public offering of 5,750,000 shares of its common stock at a price of $38.50 per share. The offering includes exercise of a 30-day option available to underwriters to purchase additional 750,000 shares of common stock at the public offering price.

The offering brought in aggregate gross proceeds of about $221.4 million to the company. The net proceeds are subject to deduction of several expenses incurred on the offering including discounts offered to underwriters.

The company last week announced the pricing of its previously announced underwritten public offering of 5,000,000 shares of its common stock at a price to the public of $38.50 per share. The offering at the time was expected to close on October 26, 2020 which the company successfully achieved after fulfilling customary closing conditions. The company at the time also granted the underwriters a 30-day option to purchase up to 750,000 additional shares of its common stock at the public offering price, less the underwriting discount.

ACCD is intending using the net proceeds from the offering for general corporate purposes including operating expenses, working capital, and capital expenditures. The company could also utilize the proceeds making strategic investments as well as acquisition efforts.

Morgan Stanley, BoFA Securities and Goldman Sachs & Co. LLC acted as joint book-running managers for the offering while William Blair, Credit Suisse and Piper Sandler were book-running managers. Co-managers to the offering include Canaccord Genuity, Baird, Academy Securities and SVB Leerink.

The personalized, healthcare solutions provider company this month also released fiscal second quarter 2021 results.  Company’s revenue for the reported period rose by 24% to post $36.8 million against that of $29.7 million posted by the company in fiscal second quarter 2020. The strong financial results came on the heels of strengthened new customer additions across segments.