MedAvail Announces Pricing of $50 Million Private Placement
MedAvail Holdings, Inc. (Nasdaq: MDVL) has entered a securities purchase agreement to raise $50 million through a private placement of common stock and warrants with institutional investors. The transaction involves approximately 47.1 million shares sold at $1.0625 each, along with warrants for an additional 23.5 million shares at an exercise price of $1.25, potentially providing $29.4 million upon full exercise. Proceeds will support general corporate purposes. The first close is anticipated around April 1, 2022, pending customary conditions.
- Secured $50 million gross proceeds from institutional investors.
- Strengthened financial position for strategic initiatives.
- Potential additional funds of $29.4 million from warrant exercises.
- None.
Pursuant to the terms of the securities purchase agreement and following the completion of all closings of the private placement, MedAvail will issue approximately 47.1 million shares of common stock and warrants to purchase approximately 23.5 million shares of common stock. The shares of common stock will be sold for a price of
The private placement is expected to have a first close on or about
MedAvail intends to utilize the net proceeds for general corporate purposes and to fund its strategic initiatives.
The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state or other jurisdiction’s securities laws, and may not be resold absent registration under, or exemption from registration under, the Securities Act. MedAvail has agreed to file a registration statement with the
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Cowen acted as the placement agent for the private placement.
About MedAvail
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the MedAvail’s expectations regarding the expected gross proceeds from, and the timing of the expected closing of, the private placement. These statements are not historical facts but rather are based on the MedAvail’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the MedAvail’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the MedAvail’s filings with the
SOURCE
View source version on businesswire.com: https://www.businesswire.com/news/home/20220331005577/en/
Investor Relations
ir@medavail.com
Source:
FAQ
What is the purpose of MedAvail's recent private placement?
How much did MedAvail raise in their private placement?
What are the terms of the warrants associated with MedAvail's stock offering?
When is the expected closing date for MedAvail's private placement?