The Eden Prairie, Minn.-based fluid management device maker said the $5.25-per-unit offering is worth a total of $10.8 million, divided into two issues. The first consists of 147,000 Class A units of a stock share and a pair of warrants at that price, one at a five-year term and another set to expire either in 18 months or the 30th trading day after the company announced a hoped-for FDA clearance of a pediatric indication for its Aquadex FlexFlow device.
The second tranche is for 1.9 million Class B units, each consisting of a Series G convertible share plus the pair of 5-year and FDA-conditional warrants. There’s also a 45-day underwriters over-allotment that could add another $1.6 million if fully exercised.
Formerly know as Sunshine Heart, CHF rebranded back in May 2017.