Ekso Bionics Secures $6 Million in Public Offering
Ekso Bionics Pricing of Public Offering
Ekso Bionics Holdings, Inc. (Nasdaq: EKSO), a leader in the exoskeleton technology sector for both medical and industrial applications, has recently announced an underwritten public offering. This offering, which encompasses a total of 6,000,000 units, is expected to generate approximately $6.0 million in gross proceeds before deducting associated underwriting discounts and other expenses.
Details of the Offering
The offering is made up of two components: 3,100,000 units priced at $1.00 each and 2,900,000 pre-funded units available at a price of $0.999 each. Each unit consists of one share of common stock along with two warrants: a Series A Warrant and a Series B Warrant. The Series A Warrant allows for the purchase of one share of common stock at an exercise price of $1.00 per share, expiring after five years. The Series B Warrant similarly allows for the purchase of one share at the same price but is valid for only one year. The units and pre-funded units can be separated and issued independently immediately.
Utilization of Proceeds
Ekso Bionics intends to utilize the net proceeds from this offering for a variety of corporate purposes. These may include further growth and expansion of the company’s EksoHealth division, especially as it looks to enhance its revenue streams due to recent reimbursement guidelines from healthcare authorities. Furthermore, the funds will support ongoing research and development initiatives and help cover selling, general, and administrative expenses. The company is also contemplating strategic initiatives that may include beneficial acquisitions. The anticipated closing date for this transaction is set for September 3, 2024, barring any customary closing conditions that need to be met.
Management of the Offering
Craig-Hallum has taken on the responsibility as the sole managing underwriter for this public offering. The offering process has been conducted under a registration statement that has received clearance from regulatory bodies, ensuring compliance with applicable securities laws.
About Ekso Bionics
Ekso Bionics stands tall as a pioneering developer in the field of exoskeleton technology, dedicated to enhancing human potential through innovative solutions that improve strength, endurance, and mobility. Founded in 2005, the company has consistently advanced its expertise to create some of the most sophisticated wearable robots available today. These technologies play a crucial role in assisting individuals with mobility challenges as well as augmenting human capabilities in various job environments globally. Headquartered in the San Francisco Bay Area, Ekso Bionics is publicly traded on the Nasdaq Capital Market under the ticker symbol “EKSO.”
Frequently Asked Questions
What is the main purpose of Ekso Bionics’ funding from this offering?
The funds will support corporate initiatives, including expansion of the EksoHealth segment, research and development, and strategic acquisitions.
How many total units are available in this public offering?
There are a total of 6,000,000 units available in this public offering.
Who is managing the public offering for Ekso Bionics?
Craig-Hallum is acting as the sole managing underwriter for this offering.
What are the types of warrants included in the offering?
The offering includes Series A and Series B Warrants, each allowing the purchase of shares at specified exercise prices.
When is the expected closing date for the offering?
The expected closing date for the offering is around September 3, 2024, subject to standard closing conditions.
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