Asensus Surgical, a leading medical technology company, has recently reached a significant milestone in its growth strategy. The company has entered into a definitive agreement for the purchase and sale of 23.8 million shares, as well as warrants to buy an additional 23.8 million shares through a registered direct offering.
Purchase Details and Price
The common stock shares and accompanying warrants will be sold at a combined purchase price of 42 cents per share. The warrants have an exercise price of 42 cents per share, are immediately exercisable, and will remain valid for five years from the date of issuance.
Expectations and Closing Date
The offering is set to close on or around Monday, and Asensus Surgical anticipates generating approximately $10 million in proceeds from this transaction. These funds will be allocated towards various general corporate purposes, including working capital and supporting ongoing research and development activities.
Market Performance
In premarket trading, Asensus Surgical shares experienced a decline of 31%, reaching a value of 35 cents. The company remains optimistic about its long-term prospects despite this temporary setback.
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