Business
InspireMD, Inc. Announces Pricing of $10 Million Underwritten Public Offering
TEL AVIV, Israel, June 03, 2020 (GLOBE NEWSWIRE) -- InspireMD, Inc. (NYSE American: NSPR), the developer of the CGuard™ Embolic Prevention System (EPS) for
About this update from Inspiremd Inc.
[{"type":"text","content":"TEL AVIV, Israel, June 03, 2020 (GLOBE NEWSWIRE) -- InspireMD, Inc. (NYSE American: NSPR), the developer of the CGuard™ Embolic Prevention System (EPS) for the prevention of stroke caused by carotid artery disease, today announced the pricing of an underwritten public offering of 22,222,200 units at a price to the public of $0.45 per unit. InspireMD expects to receive aggregate gross proceeds of approximately $10.0 million from the offering, assuming no exercise of the underwriter’s option to purchase additional securities. Each unit contains one share of common stock (or common stock equivalent) and one Series F warrant to purchase one share of common stock at an exercise price of $0.495 per share. The common stock (or common stock equivalents) and the accompanying Series F warrants included in the units can only be purchased together in this offering, but will be issued separately and will be immediately separable upon issuance.\n In connection with the offering, InspireMD has granted the underwriter a 45-day option to purchase up to an additional 3,333,333 units, consisting of shares of common stock and/or Series F warrants, for additional gross proceeds of up to $1.5 million. The offering is expected to close on or about June 5, 2020, subject to customary closing conditions. A.G.P. / Alliance Global Partners is acting as the sole book-running manager for the offering. InspireMD intends to use the net proceeds of this offering for research and development, sales and marketing, working capital and other general corporate purposes. A registration statement on Form S-1 (File No. 333-238247) relating to the public offering of the securities described above was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on June 2, 2020. The offering is being made only by means of a prospectus forming part of the effective registration statement. A preliminary prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the preliminary prospectus and, when available, electronic copies of the final prospectus may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, by calling (212) 624-2060 or emailing [email protected], or at the SEC’s websi...