Medovex Corporation Announces Pricing of $2.69 Million Concurrent Registered Direct Offering and Private Placement
ATLANTA, GA -- (Marketwired) -- 07/17/17 --
Medovex Corp. (NASDAQ: MDVX), a developer of medical technology products, today announced that on Friday, July 14, 2017, it entered into definitive agreements with investors for the purchase and sale of 2,956,043 shares of common stock at a price of $.91 per share in a registered direct offering and warrants to purchase up to 1,478,022 shares of common stock at an exercise price of $1.15 per share in a concurrent private placement.
The warrants will expire five years from the date of issuance. The non-brokered transaction resulted in net proceeds of approximately $2.69 million. The Company intends to use the net proceeds for working capital and other general corporate purposes.
Jarrett Gorlin, Medovex CEO, stated, "We are pleased to announce the closing of this non-brokered financing, priced at the market. Importantly as indicated in our Form 8K filed with the SEC on Friday, as a result of the offering, the Company had stockholders' equity of more than $2.5 million as of the date of the filing. In addition, we are anxious and looking forward to sharing preliminary early results of multiple recently completed first in human cases for the DenerveX System, near term."
The shares of common stock were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-217346), which was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on May 5, 2017. The warrants and shares issuable upon exercise of the warrants were offered in a concurrent private placement under Section 4(a)(2) under the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder, have not been registered under the Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The Company has agreed to file one or more registration statements with the SEC covering the resale of the shares issuable upon exercise of the warrants.
A prospectus supplement relating to the shares of common stock will be filed by the Company with the SEC. When available, copies of the prospectus supplement, together with the accompanying prospectus, can be obtained at 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 nor shall there be any sale of these securities in any state or 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 jurisdiction.
Medovex was formed to acquire and develop a diversified portfolio of potentially ground breaking medical technology products. Criteria for selection include those products with potential for significant improvement in the quality of patient care combined with cost effectiveness. The Company's first pipeline product, the DenerveX device, is intended to provide long lasting relief from pain associated with facet joint syndrome at significantly less cost than currently available options. To learn more about Medovex Corp., visit www.medovex.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward- looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
Source: Medovex Corporation