Ra Medical intends to use the net proceeds from the offering for general corporate purposes, including working capital, Ra Medical’s atherectomy indication trial and engineering efforts
Ra Medical Systems, a commercial-stage medical device company leveraging its advanced excimer laser-based platform for use in the treatment of vascular and dermatological immune-mediated inflammatory diseases, today announced that it has closed the previously announced public offering of an aggregate of 34,285,714 shares of common stock (or common stock equivalents), together with accompanying warrants to purchase up to an aggregate of 34,285,714 shares of common stock, at a public offering price of $0.35 per share and accompanying warrant. Each share of common stock (or common stock equivalent) was sold in the offering with one warrant to purchase one share of common stock. The warrants have an exercise price of $0.35 per share, are immediately exercisable, and expire five years following the date of issuance.
The gross proceeds of the offering were approximately $12.0 million, prior to deducting placement agent’s fees and other estimated offering expenses payable by Ra Medical and assuming none of the warrants issued in the offering are exercised for cash.
Ra Medical intends to use the net proceeds from the offering for general corporate purposes, including working capital, Ra Medical’s atherectomy indication trial and engineering efforts.
The securities described above were offered by Ra Medical pursuant to a registration statement on Form S-1 (File No. 333-239887) previously filed with and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 30, 2020, and an additional registration statement on Form S-1 filed pursuant to Rule 462(b) (File No. 333-240187), which became automatically effective on July 30, 2020. The offering was made only by means of a prospectus forming part of the effective registration statement. A final prospectus relating to the offering has been filed with the SEC. Electronic copies of the final prospectus relating to the offering may be obtained for free by visiting the SEC’s website at www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by email at firstname.lastname@example.org or by telephone at 646-975-6996.
This press release shall not constitute an offer to sell or a 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 the registration or qualification under the securities laws of any such state or other jurisdiction.
Source: Company Press Release