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ENDRA Life Sciences Announces Closing of Public Offering and Full Exercise of Underwriter’s Option to Purchase Additional Securities
ANN ARBOR, Mich.--(BUSINESS WIRE)-- ENDRA Life Sciences Inc. (Nasdaq: NDRA) (“ENDRA” or the “Company”), a pioneer of Thermo Acoustic Enhanced UltraSound
About this update from Endra Life Sciences Inc.
[{"type":"text","content":" ANN ARBOR, Mich.--(BUSINESS WIRE)--\nENDRA Life Sciences Inc. (Nasdaq: NDRA) (“ENDRA” or the “Company”), a pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS®), announced today the closing of its previously announced underwritten public offering of 4,312,500 shares of its common stock and warrants to purchase 2,156,250 shares of its common stock, which included the exercise in full by the underwriter of its option to purchase 562,500 additional shares of ENDRA’s common stock and additional warrants to purchase 281,250 shares of common stock. The warrants were sold at the rate of one warrant for every two shares of common stock and are exercisable at a price per share of $1.40. The public offering price for each set of two shares of common stock and accompanying warrant to purchase one share of common stock was $2.41 per set of securities, yielding an effective price of $1.20 per share and $0.01 per warrant, for net proceeds of approximately $4.5 million after deducting the estimated underwriting discounts and commissions and estimated offering expenses.\n\n\nAll of the securities in the underwritten public offering were sold by ENDRA. The warrants will not be listed on any securities exchange or other nationally recognized trading system. ENDRA intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include funding product development, submission for regulatory approvals of its products, and commercialization activities.\n\n\nNewbridge Securities Corporation acted as sole underwriter of the offering. K&L Gates LLP acted as counsel to the Company and McGuireWoods LLP acted as counsel to the underwriter.\n\n\nThe common stock and warrants to purchase common stock described above were offered by ENDRA pursuant to a registration statement (File Nos. 333-271003 and 333-271483) previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). A final prospectus 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 relating to this offering may be obtained from Newbridge Securities Corporation, Attn: Equity Syndicate Department, 1200 North Federal Highway, Suite 400, Boca Raton, FL 33432, email: [email protected], telephone:...