Business
PAVmed Closes $13.4 Million Common Stock Registered Direct Offering Priced At-the-Market under Nasdaq Rules
NEW YORK, Jan. 08, 2021 (GLOBE NEWSWIRE) -- PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), a highly differentiated, multi-product,
About this update from Pavmed Inc.
[{"type":"text","content":"NEW YORK, Jan. 08, 2021 (GLOBE NEWSWIRE) -- PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (the “Company” or “PAVmed”), a highly differentiated, multi-product, commercial-stage medical device company, today announced the closing of its previously announced registered direct offering (the “Offering”) of 6.0 million shares of common stock at a price of $2.24 per share which was priced at-the-market under Nasdaq rules. The estimated net proceeds to PAVmed from the Offering are expected to be approximately $12.4 million after deducting the placement agent’s fees and other estimated offering expenses. PAVmed plans to use the net proceeds for working capital, general corporate purposes, and to repay a portion of certain of the Company’s outstanding convertible notes. Maxim Group LLC acted as the sole placement agent in connection with the Offering. The Offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-248709) declared effective by the Securities and Exchange Commission on September 17, 2020. A prospectus supplement relating to the Offering was filed with the Securities and Exchange Commission on January 7, 2021. Copies of the prospectus supplement relating to the Offering, together with the accompanying base prospectus included in the registration statement, may be obtained from the Securities and Exchange Commission at www.sec.gov, or from the Company at One Grand Central Place, Suite 4600, New York, New York 10165, Telephone (212) 949-4319. Electronic copies of the prospectus supplement and accompanying base prospectus may also be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About PAVmed PAVmed Inc. is a highly differentiated, multi-product, commercial-stage medical device company employing a unique business model designed to advance innovative products to commercialization rapidly and with less capital than the typical medical device company. This proprietary model enables PAVmed to pursue an expanding pipeline s...