An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Marpai, Inc. (Nasdaq: MRAI) has successfully closed a public offering of 7,400,000 shares at a price of $1.00 per share, generating gross proceeds of $7,400,000. The funds will be allocated towards debt repayment related to the acquisition of Maestro Health, amounting to at least 35% of the raised capital, while the remainder will support general corporate purposes. ThinkEquity served as the sole book-running manager for this offering, conducted under an effective shelf registration with the SEC. Marpai focuses on using AI to enhance health plan services for employers engaging in self-funding, tapping into the large $22 billion TPA sector with a target market exceeding $1 trillion in annual claims.
Positive
Raised $7.4 million through a public offering.
Intended use of proceeds includes debt repayment which may strengthen the balance sheet.
Focus on AI-driven health plan services positions Marpai in a lucrative market.
Negative
Issuance of new shares could lead to shareholder dilution.
NEW YORK--(BUSINESS WIRE)--
Marpai, Inc. (“Marpai” or the “Company”) (Nasdaq: MRAI), a technology company using artificial intelligence (A.I.) to transform health plans for employers that self-fund their healthcare, today announced the closing of its previously announced public offering of 7,400,000 shares of its common stock at a public offering price of $1.00 per share, for gross proceeds of $7,400,000, before deducting underwriting discounts and offering expenses.
The Company intends to use the proceeds from the offering for the repayment of debt relating to the Company’s acquisition of Maestro Health (in an amount equal to not less than 35% of the funds raised in the offering) and the remainder for general corporate purposes.
ThinkEquity acted as sole book-running manager for the offering.
The offering was made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). The final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at prospectus@think-equity.com.
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 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.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is a technology company bringing AI-powered health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA (Third Party Administrator) sector serving self-funded employer health plans representing over $1 trillion in annual claims, Marpai maximizes the value of the health plan as measured in health outcomes. Marpai takes a member-centric approach to connect members to health solutions predicted to have a high probability of positive outcomes, and aims to bring value-based care to the self-insured market. With effective early intervention, disease management, claims processing and proactive member outreach, Marpai works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to provider networks including Aetna and Cigna and all TPA services. For more information, visit www.marpaihealth.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," “guidance,” "may," "can," "could", "will", "potential", "should," "goal" and variations of these words or similar expressions. For example, Marpai is using forward-looking statements when it discusses the intended use of proceeds from the offering. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai's current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai's current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.
More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai's filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.
