Monogram Technologies Upsizes 8.00% Series D Convertible Cumulative Preferred Stock and Warrant Offering to $12.5 Million

Rhea-AI Summary

Monogram Technologies (NASDAQ:MGRM), an AI-driven robotics company specializing in orthopedic surgery, announced an upsize to their continuous offering from $10 million to $12.5 million. Each unit comprises one share of 8.00% Series D Convertible Cumulative Preferred Stock and one warrant to purchase common stock at $3.375 per share. Warrants become exercisable 180 days post-July 9, 2024, through July 8, 2025. Series D Preferred Stock can convert into common stock at the holder's option. Proceeds will fund corporate and operational needs, technology development, and potential acquisitions. CEO Benjamin Sexson highlighted the strengthened capacity to support strategic initiatives. The offer closes on September 12, 2024, subject to standard conditions.

Positive

• Announced upsize of continuous offering from $10 million to $12.5 million.
• Proceeds will support new technology development and potential acquisitions.

Negative

• No public trading market exists for Series D Preferred Stock.
• Company does not intend to list Series D Preferred Stock or warrants on national exchanges or OTC markets.

AUSTIN, TX / ACCESSWIRE / September 11, 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, today announced an upsize of its previously announced continuous offering of units from $10 million to $12.5 million of units. Each unit consists of (a) one share of the Company's 8.00% Series D Convertible Cumulative Preferred Stock (the "Series D Preferred Stock") and (b) one common stock purchase warrant to purchase one share of its common stock, $0.001 par value per share (the "Common Stock").

The units have no stand-alone rights and will not be certified or issued as stand-alone securities. The warrants will be exercisable after the 180^th day after July 9, 2024 (the date of the filing of the original prospectus supplement for the offering) through and including July 8, 2025, unless earlier redeemed. Each common stock purchase warrant is exercisable to purchase one share of Common Stock at an exercise price of $3.375 per share (150% of the public offering price of the unit). The shares of Series D Preferred Stock and the warrants are immediately separable and will be issued and tradeable separately, but will be purchased together as a unit in this offering.

At any time after issuance, each share of the Series D Preferred Stock is convertible into one share of Common Stock at the option of the holder. There is no existing public trading market for the Series D Preferred Stock. The Company does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over the counter market. Dividends on the Series D Preferred Stock, at the Company's discretion, may be paid in cash or in kind in the form of Common Stock.

The Company will use the proceeds from the offering for general corporate and business purposes, operational needs, and to fund various strategic initiatives, including among other things, new technology development and potential acquisitions..

"We are pleased to be in a position to upsize the offering and further advance Monogram's mission of transforming orthopedic surgeries," said Benjamin Sexson, CEO of Monogram Technologies. "These funds will provide us with additional resources to support key initiatives as we continue to innovate within the orthopedic market."

The offering remains subject to customary closing conditions and the Company is expected to stop taking subscriptions at midnight PT, Thursday, September 12th.

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

SOURCE: Monogram Technologies Inc.

View the original press release on accesswire.com

FAQ

What is the new size of Monogram Technologies' Series D Preferred Stock offering?

Monogram Technologies has increased the offering size from $10 million to $12.5 million.

When can the common stock purchase warrants be exercised?

The warrants are exercisable 180 days after July 9, 2024, until July 8, 2025.

What is the exercise price for the common stock purchase warrants in Monogram Technologies' offering?

Each common stock purchase warrant is exercisable at $3.375 per share.

Can the Series D Preferred Stock be converted into common stock?

Yes, each share of Series D Preferred Stock can be converted into one common stock share at the holder's option.

What will Monogram Technologies do with the proceeds from the offering?

The proceeds will be used for corporate and business purposes, operational needs, technology development, and potential acquisitions.

When will the subscription for Monogram Technologies' offering close?

The subscription will close at midnight PT, Thursday, September 12, 2024.