LogicMark Securely Closes $14.4 Million in Public Offering
LogicMark, Inc. Completes Successful Public Offering
LogicMark, Inc. (NASDAQ: LGMK), known for its innovative personal emergency response systems, recently celebrated the close of its significant public offering. This step is vital for the Company as it fuels its commitment to enhancing safety solutions in the care economy.
Details of the Public Offering
The public offering raised approximately $14.4 million, comprising a notable total of 2,260,000 units and 22,146,750 pre-funded units. Each of these units includes one share of common stock, alongside Series C and D warrants allowing for further company equity purchases. The strategic choice to offer units at a public offering price of $0.59 demonstrates a calculated move to raise necessary funds for ongoing projects.
Intended Use of Proceeds
The Company has clear plans for the utilization of these proceeds. Management aims to channel the funds into marketing initiatives that enhance visibility for both legacy and newly developed products. Furthermore, the emphasis on working capital signifies LogicMark's intent to optimize its operational framework and ensure sustainability.
Warrant Details and Conditions
Each of the Series C and Series D warrants associated with the offering includes specific conditions for exercise. Particularly, the warrants are contingent upon stockholder approval, emphasizing the Company’s adherence to regulatory standards. Notably, these warrants are strategically designed, with Series C warrants set at a price of $0.59 per share and Series D at $0.885, laying a robust foundation for shareholder engagement moving forward.
Registration and Legal Considerations
The offering was conducted in accordance with the Company's established registration statement, which received approval from the U.S. Securities and Exchange Commission. Such regulatory compliance underlines LogicMark's commitment to transparency and accountability in its financial dealings. The final prospectus for this offering is publicly accessible and provides potential investors with essential information about the opportunity.
About LogicMark, Inc.
LogicMark, Inc. is a pioneer in creating technologies aimed at fostering safety and independence for individuals across various demographics. With a dedicated team skilled in IoT and AI, the Company is building a comprehensive 'Connected Care Platform.' Their innovative solutions respond to the growing needs of consumers within the care economy.
Investor Relations Contact
For additional inquiries, investors can reach out via email at investors@logicmark.com. LogicMark's commitment to maintaining open lines of communication reflects its philosophy of transparency and accountability to stakeholders.
Frequently Asked Questions
What services does LogicMark provide?
LogicMark specializes in personal emergency response systems, health communication devices, and safety technologies.
How did LogicMark raise $14.4 million?
The Company raised this amount through a public offering consisting of units and pre-funded units, which included shares and warrants.
What are the Series C and D warrants?
These warrants allow shareholders to purchase shares at specified prices, contingent upon stockholder approval and regulatory conditions.
What is the mission of LogicMark?
LogicMark aims to empower individuals to live independently and positively by providing innovative safety solutions.
Where can I find more information about LogicMark?
For further details, visit the official LogicMark website, which provides specifics about their products and investor relations.
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