CHF Solutions (NSDQ:CHFS) said today that a stock-and-warrants offering brought in more than $12 million.
The Eden Prairie, Minn.-based fluid management device maker said the $5.25-per-unit offering was worth a total of $10.8 million, plus an over-allotment option the underwriters exercised in full, adding another $1.6 million.
The offering was divided into two issues, the first consisting of 147,000 Class A units of stock and a pair of warrants , one at a five-year term and another set to expire either in 18 months or the 30th trading day after the company announces a hoped-for FDA clearance of a pediatric indication for its Aquadex FlexFlow device.
The second tranche was 1.9 million Class B units, each consisting of a Series G convertible share plus the pair of 5-year and FDA-conditional warrants.
CHF said it issued 455,178 shares, 1,910,536 Series G convertible shares, Series 1 warrants for 2,365,714 shares and Series 2 warrants for 2,365,714 shares including the over-allotment.
Ladenburg Thalmann (NYSE:LTS) was the sole book-runner for the offering, CHF Solutions said.
Formerly know as Sunshine Heart, CHF rebranded back in May 2017.
