Helius Medical Technologies, Inc. Announces Closing of $11.1 Million Underwritten Public Offering of Common Stock Including Full Exercise of Over-Allotment Option

Rhea-AI Summary

Helius Medical Technologies, Inc. (Nasdaq: HSDT) closed its underwritten public offering of 1,385,031 shares of Class A common stock at $8.00 per share, generating approximately $11.1 million in gross proceeds. This includes the full exercise of the underwriter's over-allotment option. The company will utilize the net proceeds for funding operations, working capital, and other corporate purposes. The offering was conducted under a shelf registration statement declared effective by the SEC in 2020.

Positive

• Gross proceeds of approximately $11.1 million from the public offering.
• Intended use of proceeds for funding operations and working capital.

Negative

• Potential dilution of existing shares due to the public offering.

NEWTOWN, Pa., Nov. 12, 2021 (GLOBE NEWSWIRE) -- Helius Medical Technologies, Inc. (Nasdaq: HSDT) (“Helius” or the “Company”), a neurotech company focused on neurological wellness, today announced the closing of its previously announced underwritten public offering of 1,385,031 shares of its Class A common stock at a price to the public of $8.00 per share, for gross proceeds of approximately $11.1 million, including the full exercise of the underwriter’s over-allotment option to purchase additional shares of common stock, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company. 

Ladenburg Thalmann & Co. Inc. acted as the sole book-running manager for the offering.

The Company intends to use the net proceeds from the offering for funding operations, working capital and other general corporate purposes.

The shares were issued pursuant to a shelf registration statement on Form S-3 (File No. 333-236101) that was declared effective by the U.S. Securities and Exchange Commission (“SEC”), on February 6, 2020. The Company has filed a final prospectus supplement with the SEC relating to such shares of common stock. Copies of the final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering may be obtained at the SEC’s website at www.sec.gov or by contacting Ladenburg Thalmann & Co. Inc., Prospectus Department, 640 Fifth Avenue, 4th floor, New York, NY 10019 by email at prospectus@ladenburg.com.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any 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 registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About Helius Medical Technologies, Inc.

Helius Medical Technologies is a neurotech company focused on neurological wellness. The Company’s purpose is to develop, license and acquire unique and non-invasive platform technologies that amplify the brain’s ability to heal itself. The Company’s first commercial product is the Portable Neuromodulation Stimulator (PoNS^TM). For more information, visit www.heliusmedical.com.

Forward Looking Statements

Certain statements in this news release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. Forward-looking statements are often identified by terms such as “believe,” “continue,” “intends to,” “expect,” “will,” “goal,” “aim to” and similar expressions. Such forward-looking statements include, among others, statements regarding the Company’s anticipated use of proceeds from the public offering.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those expressed or implied by such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include risks and uncertainties related to market and other conditions, the impact of general economic, industry or political conditions in the United States or internationally and other risks described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission and the Canadian securities regulators, which can be obtained from either at www.sec.gov or www.sedar.com.

The reader is cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements except to the extent required by law.

Investor Relations Contact:

Lisa M. Wilson
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com

FAQ

What was the stock price for HSDT's recent offering?

The recent offering price for HSDT's Class A common stock was $8.00 per share.

How much did HSDT raise in its public offering?

Helius Medical Technologies raised approximately $11.1 million in gross proceeds from its public offering.

What will HSDT use the net proceeds from the offering for?

The net proceeds will be used for funding operations, working capital, and other general corporate purposes.

Who managed HSDT's public offering?

Ladenburg Thalmann & Co. Inc. acted as the sole book-running manager for the offering.

When was the offering for HSDT announced?

The offering was announced on November 12, 2021.