Medovex Corporation Receives an Additional $1.25 Million Under Existing Securities Purchase Agreement
Increases Maximum Offering Size from $6M to $8M
ALPHARETTA, Ga., March 18, 2019 (GLOBE NEWSWIRE) -- Medovex Corporation (OTCQB: MDVX) (“Medovex” or the “Company”) today announced that on March 11, 2019, the Company entered into a securities purchase agreement with eight purchasers pursuant to which the purchasers invested in the Company an aggregate amount of $1,250,000. Pursuant to the agreement, the Company increased the maximum offering size from $6,000,000 to $8,000,000
The Company last announced on January 18, 2019, it had entered into a securities purchase agreement with six purchasers pursuant to which the purchasers invested in the Company an aggregate amount of $2,900,000. Prior to that on January 8, 2019, the Company announced it had entered into a securities purchase agreement with four purchasers pursuant to which the purchasers invested in the Company an aggregate amount of $2,000,000, with $1,800,000 in cash and $200,000 by cancellation of debt.
"I’m pleased to announce receipt of this additional $1,250,000 following the previous receipt of what is now $6,250,000 in total. We continue to be grateful for the strong support of those who have invested in us in the past, and who continue to invest in our collective future. We continue to expect that many of these investors have the potential to bring value well beyond just traditional capital contributions,” said William “Bill” Horne, Medovex CEO and Chairman.
The Company originally offered a minimum of $1,000,000 and a maximum of $6,000,000, subsequently increased to a maximum of $8,000,000, of units at a price of $50,000 per unit until the earlier of the closing of the subscription of the maximum amount and originally February 28, 2019, subsequently extended to March 31, 2019, subject to the Company’s earlier termination at its discretion. The agreement includes the customary representations and warranties from the Company and purchasers.
Each convertible note offered by the Company as part of the unit bears an interest rate of 12 percent per annum, has a principal amount of $50,000, shall mature in one year from the original issue date on March 11, 2019, and will be convertible into shares of common stock at a price of $0.40. In addition, pursuant to the agreement, the Company offers, as part of the unit, three-year warrants to purchase common stock at a price of $0.75 per share.
About Medovex Corporation
Medovex Corporation was formed to acquire and develop a diversified portfolio of innovative medical technology products and services with the goal to improve the quality of life for patients. Based in Alpharetta, Georgia, Medovex’s first product, the DenerveX System, is intended to provide long-lasting relief from pain associated with facet joint syndrome. In 2019, the Company acquired Regenerative Medicine Solutions, LLC, a Tampa, Florida-based biomedical services company that manages Lung Health Institute. Lung Health Institute is a leader in regenerative medicine that specializes in cellular therapies to treat chronic obstructive pulmonary disease (COPD) and other chronic lung diseases. For more information on Medovex, please 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 outlined in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its 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 Corp.