Business
Medovex Corporation Receives an Additional $1.25 Million Under Existing Securities Purchase Agreement
Medovex Corporation Receives an Additional $1.25 Million Under Existing Securities Purchase Agreement.
About this update from Innoveren Scientific Inc.
[{"type":"text","content":"\nALPHARETTA, 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\n 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 ...