Business
OneMedNet Announces $4.6 Million Private Placement
Institutional investors include affiliates of Off the Chain Capital and Discovery Capital Management MINNEAPOLIS, July 26, 2024 (GLOBE NEWSWIRE) -- OneMedNet
About this update from Onemednet Corp
[{"type":"text","content":"Institutional investors include affiliates of Off the Chain Capital and Discovery Capital Management\nMINNEAPOLIS, July 26, 2024 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq: ONMD) (“OneMedNet” or the “Company”), the leading curator of regulatory-grade Real World Data (\"RWD\"), inclusive of electronic health records, laboratory results and, uniquely, medical imaging, today announced that it has entered into securities purchase agreements with certain institutional investors, including an affiliate of Off the Chain Capital and an affiliate of Discovery Capital Management, in a private placement that resulted in gross proceeds of approximately $4.6 million, before deducting fees and expenses payable by the Company. The private placement closed on July 25, 2024. The price per share of common stock sold in this offering meets the minimum price requirement under Nasdaq rules. The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes. Pending use of the funds, the Company used $1.8 million of the net proceeds to purchase Bitcoin ($BTC). Pursuant to the terms of the securities purchase agreement with an affiliate of Off the Chain Capital, OneMedNet sold an aggregate of 1,297,059 shares of its common stock at a price of $1.0278 per share and pre-funded warrants exercisable for 1,323,530 shares of its common stock at an exercise price of $1.0278 per share. The investor prepaid the exercise price for the pre-funded warrants, other than $0.0001 per share. Pursuant to the terms of the securities purchase agreement with an affiliate of Discovery Capital Management, OneMedNet sold an aggregate of 2,301,791 shares of its common stock at a price of $0.85 per share. The offer and sale of the securities in the private placement and described above are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Pursuant to registration rights agreements, OneMedNet agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock issued in this private p...