dimecres, 25 de gener del 2017

InspireMD registers for $25m Series C

InspireMD

InspireMD (NYSE:NSPR) this week registered for a $24.8 million Series C round, with funding slated to support sales and new product development.

The Boston-based company will offer 1.1 million shares of Series C convertible preferred stock and warrants to purchase an additional 4.6 million shares of common stock.

Each share of preferred stock to be offered in the round will include Series B warrants to purchase 4 additional shares of common stock. The Series B warrants will have an exercise price equal to the conversion price of the preferred stock shares offered in the round.

The company has not yet priced the offering, but expects to raise approximately $24.8 million through the offering, according to an SEC filing.

The company said the preferred stock and Series B warrants will be issued separately, but can only be purchased together through the offering. Each Series B unit offered will be immediately exercisable and expire at 5 years. Dawson James Securities will act as a placement agent in the offering.

Net proceeds from the round will go to support sales activities related to the company’s Guard EPS and Guard Prime EPS devices, and for new pipeline development, the company said.

Last October, InspireMD initiated a 1-for-25 reverse split of its stock, effective October 7, with its stock trading on a split adjusted basis starting Oct. 10.

The move reduces the shares of InspireMD on the market by putting 1 share of common stock in the hands of shareholders for every 25 shares they held previously. No fractional shares were distributed in the reverse split, the company said.

The reverse split was approved at a special meeting of stockholders, Boston-based InspireMD said.

The post InspireMD registers for $25m Series C appeared first on MassDevice.



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