The company behind the direct-to-consumer aligners is looking to raise $100 million.
The Nashville-based company is looking to raise $100 million in its public offering, according to an S-1 the company filed last week. The company has applied to list on Nasdaq under the ticker symbol “SDC,” and J.P. Morgan and Citigroup are the lead underwriters on the deal.
“Orthodontic aligners are meant to move teeth, which if not done correctly can lead to potentially irreversible and expensive damage such as tooth and gum loss, changed bites and other issues — some of which may not arise immediately,” the association said in a statement. The AAO filed complaints with 36 state dental boards and attorneys general last year, alleging what it deemed to be statutory and regulatory violations by SmileDirectClub.
Unsurprisingly, Align has said it will not be renewing its supply agreement with SmileDirectClub, which ends at the end of 2019.SmileDirectClub is teaming up with Walgreens and CVS In addition to its stand-alone SmileShops, SmileDirectClub has struck deals with CVS Health Corp. CVS, +0.15% and Walgreens Boots Alliance Inc. WBA, +0.45% allowing the teeth-straightening startup to open up to 1,500 SmileShops within CVS stores and any number of shops in Walgreens stores across the U.S.
See also: Why 37 million people in the U.S. don’t have dental coverage — and the painful price they pay
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