Business
NexGel, Inc. Announces Closing of $14.2 Million Initial Public Offering
LANGHORNE, Pa., Dec. 27, 2021 /PRNewswire/ -- NexGel, Inc. ("NEXGEL" or the "Company") (NASDAQ: NXGL, NXGLW), a manufacturer of high water content, electron
About this update from Nexgel, Inc
[{"type":"text","content":"LANGHORNE, Pa., Dec. 27, 2021 /PRNewswire/ -- NexGel, Inc. (\"NEXGEL\" or the \"Company\") (NASDAQ: NXGL, NXGLW), a manufacturer of high water content, electron beam cross-linked, aqueous polymer hydrogels, or gels, used for wound care, medical diagnostics, transdermal drug delivery and cosmetics, today announced the closing of its previously announced initial public offering of 2,585,000 shares of its common stock and accompanying warrants to purchase up to 2,585,000 shares of common stock. Each share of common stock was sold together with one warrant to purchase one share of common stock with an exercise price of $5.50 per share at a combined offering price of $5.50, for gross proceeds of approximately $14.2 million, before deducting underwriting discounts and offering expenses. In addition, NexGel has granted the underwriters a 45-day option to purchase up to an additional 387,750 shares of common stock and/or warrants to purchase 387,750 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount, of which Maxim Group LLC has exercised its option to purchase an additional 387,750 warrants. \nThe shares of common stock and warrants began trading on The Nasdaq Capital Market on December 22, 2021, under the symbols \"NXGL\" and \"NXGLW,\" respectively. \nThe Company intends to use the net proceeds from the offering for general corporate purposes, including marketing and development of their gels, consumer products, NEXDrape and other product initiatives, working capital, operating expenses and capital expenditures. A portion of the net proceeds may also be used to fund potential acquisitions or other strategic investments, although NexGel has no present commitments or agreements to enter into any such acquisitions or to make any such investments.\nMaxim Group LLC acted as the sole book-running manager in connection with the offering.\nA registration statement on Form S-1 (File Nos. 333-260897 and 333-261821) was filed with the Securities and Exchange Commission (\"SEC\"), which became effective on December 21, 2021. 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. The offering was made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the p...