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Monogram Technologies Announces Closing of Upsized and Oversubscribed $13 Million Public Offering

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Monogram Technologies Inc. (NASDAQ:MGRM) has successfully closed its upsized and oversubscribed $13 million public offering of 8.00% Series D Convertible Cumulative Preferred Stock. The company sold 5,790,479 units, each comprising one share of Series D Preferred Stock and one common stock purchase warrant. The offering attracted 3,023 investors and provided Monogram with gross proceeds of approximately $13 million.

CEO Benjamin Sexson stated that the funds will provide ample cash runway for near-term commercialization milestones over the next 12 months, supporting key initiatives such as clinical trials and technology development. The company is also working on obtaining FDA clearance for its 510(k) submission. Monogram plans to use the net proceeds of approximately $11.7 million for general corporate purposes, operational needs, and strategic initiatives, including new technology development and potential acquisitions.

Monogram Technologies Inc. (NASDAQ:MGRM) ha concluso con successo la sua offerta pubblica aumentata e sottoscritta da 13 milioni di dollari di azioni privilegiate cumulative convertibili di Serie D con un tasso di interesse dell'8,00%. L'azienda ha venduto 5.790.479 unità, ognuna delle quali comprendeva un'azione di azioni privilegiate di Serie D e un warrant di acquisto di azioni ordinarie. L'offerta ha attirato 3.023 investitori e ha fornito a Monogram proventi lordi di circa 13 milioni di dollari.

Il CEO Benjamin Sexson ha dichiarato che i fondi forniranno una significativa disponibilità di cassa per le tappe di commercializzazione a breve termine nei prossimi 12 mesi, sostenendo iniziative chiave come le sperimentazioni cliniche e lo sviluppo tecnologico. L'azienda sta anche lavorando per ottenere l'autorizzazione della FDA per la sua presentazione 510(k). Monogram prevede di utilizzare i proventi netti di circa 11,7 milioni di dollari per finalità aziendali generali, necessità operative e iniziative strategiche, comprese le nuove sviluppo tecnologici e potenziali acquisizioni.

Monogram Technologies Inc. (NASDAQ:MGRM) ha cerrado con éxito su oferta pública ampliada y suscrita de 13 millones de dólares de acciones preferentes convertibles acumulativas de la Serie D con un interés del 8,00%. La empresa vendió 5,790,479 unidades, cada una compuesta por una acción de la acción preferente de la Serie D y un warrant de compra de acciones ordinarias. La oferta atrajo a 3,023 inversores y proporcionó a Monogram ingresos brutos de aproximadamente 13 millones de dólares.

El CEO Benjamin Sexson declaró que los fondos proporcionarán un amplio margen de efectivo para hitos de comercialización a corto plazo durante los próximos 12 meses, apoyando iniciativas clave como ensayos clínicos y desarrollo tecnológico. La empresa también está trabajando para obtener la autorización de la FDA para su presentación 510(k). Monogram planea usar los ingresos netos de aproximadamente 11.7 millones de dólares para propósitos corporativos generales, necesidades operativas e iniciativas estratégicas, incluyendo el desarrollo de nuevas tecnologías y potenciales adquisiciones.

Monogram Technologies Inc. (NASDAQ:MGRM)은 증대되고 초과 구독된 1,300만 달러 규모의 공모를 성공적으로 마감하였습니다. 이번 공모에서는 8.00% Series D 전환형 누적 우선주를 발행하였으며, 총 5,790,479개의 유닛이 판매되었습니다. 각 유닛은 Series D 우선주 한 주와 일반 주식 매수권 한 개로 구성됩니다. 이번 공모에는 3,023명의 투자자가 참여했으며, Monogram은 약 1,300만 달러의 총 수익을 확보했습니다.

CEO Benjamin Sexson은 이번 자금이 향후 12개월 동안 단기 상업화 이정표를 위한 충분한 현금 흐름을 제공할 것이라고 밝혔으며, 임상 시험 및 기술 개발과 같은 주요 이니셔티브를 지원할 것이라고 덧붙였습니다. 이 회사는 또한 FDA의 510(k) 제출에 대한 승인을 받기 위해 노력하고 있습니다. Monogram은 약 1,170만 달러의 순수익을 일반 기업 목적, 운영 필요 및 새로운 기술 개발 및 잠재적 인수와 같은 전략적 이니셔티브에 사용할 계획입니다.

Monogram Technologies Inc. (NASDAQ:MGRM) a réussi à conclure son offre publique surdimensionnée et sursouscrite de 13 millions de dollars d'actions privilégiées cumulatives convertibles de la Série D avec un taux de 8,00%. L'entreprise a vendu 5 790 479 unités, chacune comprenant une action de l'action privilégiée de la Série D et un bon de souscription d'actions ordinaires. L'offre a attiré 3 023 investisseurs et a permis à Monogram de générer des recettes brutes d'environ 13 millions de dollars.

Le PDG Benjamin Sexson a déclaré que les fonds fourniront une marge de liquidités suffisante pour des étapes de commercialisation à court terme au cours des 12 prochains mois, soutenant des initiatives clés telles que les essais cliniques et le développement technologique. L'entreprise travaille également à obtenir l'autorisation de la FDA pour sa soumission 510(k). Monogram prévoit d'utiliser les produits nets d'environ 11,7 millions de dollars à des fins générales d'entreprise, pour les besoins opérationnels et les initiatives stratégiques, y compris le développement de nouvelles technologies et d'éventuelles acquisitions.

Monogram Technologies Inc. (NASDAQ:MGRM) hat erfolgreich ihre aufgestockte und überzeichnete öffentliche Platzierung in Höhe von 13 Millionen US-Dollar von 8,00% Serie D Wandelanleihen abgeschlossen. Das Unternehmen hat 5.790.479 Einheiten verkauft, die jeweils aus einer Aktie der Serie D Vorzugsaktie und einem Aktienkaufwarrant bestehen. Die Platzierung zog 3.023 Investoren an und brachte Monogram brutto Einnahmen von etwa 13 Millionen US-Dollar.

CEO Benjamin Sexson erklärte, dass die Gelder ausreichend Liquidität für kurzfristige kommerzielle Meilensteine in den nächsten 12 Monaten bieten werden, um wichtige Initiativen wie klinische Studien und Technologieentwicklung zu unterstützen. Das Unternehmen arbeitet auch daran, die FDA-Zulassung für seinen 510(k)-Antrag zu erhalten. Monogram plant, die Nettoerlöse in Höhe von etwa 11,7 Millionen US-Dollar für allgemeine Unternehmenszwecke, betriebliche Bedarfe und strategische Initiativen, einschließlich der Entwicklung neuer Technologien und potenzieller Übernahmen, zu verwenden.

Positive
  • Successful closing of an upsized and oversubscribed $13 million public offering
  • Attracted 3,023 investors, indicating strong market interest
  • Provides ample cash runway for near-term commercialization milestones
  • Funds to support key initiatives including clinical trials and technology development
  • Working towards FDA clearance of 510(k) submission, a potential de-risking event
Negative
  • Potential dilution of existing shareholders due to the issuance of new preferred stock and warrants

Insights

The closing of Monogram Technologies' $13 million public offering is a significant financial event for the company. This oversubscribed Series D Preferred Stock offering provides substantial capital infusion, strengthening the company's financial position. The gross proceeds of $13 million, with net proceeds of approximately $11.7 million after deducting fees, offer a considerable cash runway for the next 12 months.

Key points to consider:

  • The offering attracted 3,023 investors, indicating strong market interest in Monogram's AI-driven orthopedic robotics technology.
  • The funds will support critical initiatives, including clinical trials and technology development, which are essential for the company's growth and market position.
  • The potential FDA clearance of their 510(k) submission could be a major catalyst for the stock, potentially de-risking the investment.
  • The 8% dividend rate on the Series D Preferred Stock is relatively attractive in the current market environment, which likely contributed to the offering's success.

While the additional capital is positive, investors should monitor how effectively the company utilizes these funds to achieve its stated milestones and progress towards commercialization.

Monogram Technologies' successful funding round signifies strong investor confidence in their AI-driven orthopedic surgery robotics. This capital injection is important for advancing their technology through clinical trials and regulatory processes. The company's focus on improving patient outcomes through safer and faster orthopedic surgeries aligns with current healthcare trends emphasizing efficiency and minimally invasive procedures.

Key considerations for investors:

  • The pending FDA 510(k) clearance is a critical milestone. If achieved, it could significantly accelerate market entry and adoption of Monogram's technology.
  • Clinical trials funded by this offering will be essential in demonstrating the efficacy and safety of their robotic system, potentially leading to wider acceptance in the medical community.
  • The orthopedic robotics market is competitive, with established players. Monogram's success will depend on demonstrating clear advantages over existing solutions.
  • Long-term growth potential in the orthopedic robotics sector is substantial, driven by an aging population and increasing demand for minimally invasive procedures.

Overall, this funding provides Monogram with the resources to potentially disrupt the orthopedic surgery market, but execution and clinical results will be key to realizing this potential.

AUSTIN, TX / ACCESSWIRE / October 2, 2024 / Monogram Technologies Inc. (NASDAQ:MGRM) ("Monogram" or the "Company"), an AI-driven robotics company focused on improving human health with an initial focus on orthopedic surgery, announced today that the Company closed the previously announced 8.00% Series D Convertible Cumulative Preferred Stock (the "Series D Preferred Stock") continuous offering on October 1, 2024. The Company sold 5,790,479 units, with each unit consisting of (a) one share of the Company's Series D Preferred Stock and (b) one common stock purchase warrant to purchase one share of the Company's common stock, $0.001 par value per share (the "Common Stock"), for a total of 5,790,479 shares of the Company's Series D Preferred Stock and warrants to purchase an aggregate of 5,790,479 shares of the Company's Common Stock (and shares of Common Stock underlying shares of Series D Preferred Stock, PIK dividends on Series D Preferred Stock, and all such warrants). The Company received gross proceeds of approximately $13 million in connection with this offering.

"We would like to thank the 3,023 investors that participated in funding and all those that have supported our vision to revolutionize orthopedic robotics, allowing safe and fast orthopedic surgeries to drive better patient outcomes," said Benjamin Sexson, CEO of Monogram Technologies. "These funds will provide us with ample cash runway to meet all near-term commercialization milestones over the next 12 months and resources to support key initiatives, including clinical trials and further development of our technology. We are also working to obtain FDA clearance of our 510(k) submission, which would be a major de-risking event for the Company, and with this oversubscribed offering, investors have voted their confidence."

Monogram intends to use the net proceeds of the offering of Series D Preferred Stock of approximately $11.7 million (after deducting the selling agent fees and excluding offering expenses) to fund general corporate and business purposes, operational needs, and various strategic initiatives, including among other things, new technology development and potential acquisitions.

Dividends on the Series D Preferred Stock are payable quarterly in arrears to Series D Preferred stockholders of the record, on or about the 15th day of January, April, July and October, beginning on or about October 15, 2024. The first dividend, which is scheduled to be paid on October 15, 2024 will be $0.033 per share of Series D Preferred Stock and will cover the period from, and including, August 9, 2024, the first date we initially issued the Series D Preferred Stock through, but not including, October 15, 2024.

Digital Offering, LLC acted as lead selling agent of the offering. The offering of Series D Preferred Stock was made pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC). The offering of Series D Preferred Stock was made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. A copy of the prospectus supplement and accompanying base prospectus meeting such requirements related to the offering may be obtained free of charge from the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Monogram Technologies Inc.

Monogram Technologies (NASDAQ: MGRM) is an AI-driven robotics company focused on improving human health, with an initial focus on orthopedic surgery. The Company is developing a product solution architecture to enable patient-optimized orthopedic implants at scale by combining 3D printing, advanced machine vision, AI and next-generation robotics.

Monograms mBôs precision robotic surgical system is designed to autonomously execute optimized paths for high-precision insertion of its FDA-cleared mPress press-fit implants. The goal is well balanced better-fitting bone sparing knee replacements. The Company initially intends to produce and market robotic surgical equipment and related software, orthopedic implants, tissue ablation tools, navigation consumables, and other miscellaneous instrumentation necessary for reconstructive joint replacement procedures. Other clinical and commercial applications for the mBôs with mVision navigation are also being explored.

Monogram has obtained FDA clearance for mPress implants and applied for 510(k) clearance for its robotic products. The Company is required to obtain FDA clearance before it can market its products. Monogram cannot estimate the timing or assure the ability to obtain such clearances.

The Company believes that its mBôs precision robotic surgical assistants, which combine AI and novel navigation methods (mVision), will enable more personalized knee implants for patients, resulting in well balanced better-fitting knee replacements with bone sparing implants. Monogram anticipates that there may be other clinical and commercial applications for its navigated mBôs precision robot and mVision navigation.

To learn more, visit monogramtechnologies.com.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. For example, the Company's statement regarding the Company's proposed use of net proceeds is a forward-looking statement. Forward-looking statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company's other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Investor Relations
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
MGRM@mzgroup.us

Contact Information
Chris Tyson
Executive Vice President
mgrm@mzgroup.us
949-491-8235

SOURCE: Monogram Technologies Inc.



View the original press release on accesswire.com

FAQ

What was the total amount raised in Monogram Technologies' (MGRM) recent public offering?

Monogram Technologies (MGRM) raised approximately $13 million in gross proceeds from its recent public offering of Series D Convertible Cumulative Preferred Stock.

How many units did Monogram Technologies (MGRM) sell in its Series D Preferred Stock offering?

Monogram Technologies (MGRM) sold 5,790,479 units, each consisting of one share of Series D Preferred Stock and one common stock purchase warrant.

What is the dividend rate for Monogram Technologies' (MGRM) Series D Preferred Stock?

The dividend rate for Monogram Technologies' (MGRM) Series D Preferred Stock is 8.00%, payable quarterly in arrears.

How does Monogram Technologies (MGRM) plan to use the proceeds from its recent offering?

Monogram Technologies (MGRM) plans to use the net proceeds of approximately $11.7 million for general corporate purposes, operational needs, new technology development, and potential acquisitions.

Monogram Technologies Inc.

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