DAVY VIEW

Mainstay has completed its equity and debt financing transactions, raising gross proceeds of €16.9m ($18.9m). The company now has sufficient capital to advance its two main strategic goals into 2021: (1) to file a pre-market approval (PMA) application for ReActiv8 with the FDA over the summer, with an approval decision expected late 2020; (2) to continue to advance existing commercial efforts with ReActiv8 in Germany and other select European markets. Our revised price target is €15 per share. We reiterate our ‘Outperform’ rating.