Xtant Medical today priced its current shares offering, looking to raise $11 million in the round.
The Belgrade, Mont.-based company plans to float 15 million units at 75¢ per unit. Each unit in the round consists of 1 share of common stock and 1 warrant to purchase another share of stock.
The offering opened on October 31, and will remain open until November 14, unless extended, Xtant Medical said.
Warrants in the round are exercisable at 90¢ per share for a period of 5 years from the date of issuance, according to a press release.
The company said that it will hold the right to redeem the warrants for 1¢ per share after 1 year if the weighted average price of the company’s stock is greater than $2.25 for each of 10 consecutive trading days.
In July, Xtant Medical said it is expanding its Belgrade, Mont. tissue processing facility to include 7 new processing rooms. The company said the addition will more than double it’s capacity of processing rooms which are available for production.
Xtant Medical touted the added processing suites, saying the additions would “improve both production efficiency and utilization of resources,” which will allow for increased future product offerings. Each added room are slated to be equipped with state-of-the-art biologic processing equipment.