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Vivos Therapeutics Announces Pricing of $4 Million Private Placement Priced At-the-Market Under Nasdaq Rules
LITTLETON, Colo., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos” or the “Company”) (NASDAQ: VVOS), a medical technology company focused
About this update from Vivos Therapeutics, Inc.
[{"type":"text","content":"LITTLETON, Colo., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos” or the “Company”) (NASDAQ: VVOS), a medical technology company focused on developing innovative treatments for patients suffering from dentofacial abnormalities and/or mild-to-moderate obstructive sleep apnea (OSA) and snoring in adults, today announced that it has entered into a securities purchase agreement with an institutional investor for the purchase and sale of 980,393 shares of its common stock (or pre-funded warrants in lieu thereof) at a purchase price of $4.08 per share in a private placement priced at-the-market for purposes of Nasdaq rules. In addition, Vivos will issue to the investor a five year Series A Warrant to purchase up to an aggregate of 980,393 shares of common stock and an eighteen (18) month Series B Warrant to purchase up to an aggregate of 980,393 shares of common stock. The Series A and Series B Warrants will have an exercise price of $3.83 per share and will be exercisable immediately following the date of issuance. The closing of the private placement is expected to occur on or about November 2, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $4.0 million. Vivos intends to use the net proceeds from the offering for general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering. Vivos has also agreed as part of the private placement to amend an existing outstanding common stock purchase warrant held by the investor and issued in January 2023 to purchase up to an aggregate of 266,667 shares of common stock at an exercise price of $30.00 per share and an expiration date of July 5, 2028. Such amendment, to be effective upon the closing of the private placement, will provide that the amended warrant will have a reduced exercise price of $3.83 per share and an expiration date of November 2, 2028. The other terms of the warrant will remain unchanged. The offer and sale of the foregoing securities is being made in a transaction not involving a public offering, and the securities have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the...