Business
enVVeno Medical Corporation Announces Pricing of $15.0 Million Public Offering
IRVINE, CA / ACCESSWIRE / September 26, 2024 / enVVeno Medical Corporation (NASDAQ:NVNO) ("enVVeno" or the "Company"), a company setting new standards of care
About this update from Envveno Medical Corporation
[{"type":"text","content":"IRVINE, CA / ACCESSWIRE / September 26, 2024 / enVVeno Medical Corporation (NASDAQ:NVNO) (\"enVVeno\" or the \"Company\"), a company setting new standards of care for the treatment of venous disease, today announced the pricing of an underwritten public offering led by existing institutional investors of 4,285,715 shares of its common stock (or pre-funded warrants in lieu thereof) at a public offering price of $3.50 per share. The pre-funded warrants will be immediately exercisable and may be exercised at any time until all of the pre-funded warrants are exercised in full. The purchase price of each pre-funded warrant sold in the offering will be equal to the price at which a share of common stock is sold in the offering, minus $0.0001, and the exercise price of each pre-funded warrant will equal $0.0001 per share. In connection with the offering, enVVeno has granted the underwriter a 30-day option to purchase up to an additional 642,857 shares of common stock from the Company at the public offering price, less underwriting discounts and commissions. Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the offering.enVVeno expects to receive aggregate gross proceeds from the offering, excluding the exercise of the underwriter's option, if any, of approximately $15.0 million, excluding underwriting discounts and commissions and other offering-related expenses. The offering is expected to close on or about September 30, 2024, subject to customary closing conditions.enVVeno intends to use the net proceeds from the offering primarily for the continued development of enVVeno's two lead products, VenoValve and enVVe, and for general corporate purposes, including working capital.The securities in the offering are being offered pursuant to a prospectus supplement and an accompanying base prospectus forming part of a shelf registration statement on Form S-3 (File No. 333-273546), which was previously filed with the Securities and Exchange Commission (\"SEC\") and became effective on August 23, 2023. A preliminary prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC and is available on the SEC's website at www.sec.gov. A final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website l...