Each unit in the offering consists of one share of common stock and one warrant to purchase one share of common stock at a public offering price of 45¢ per share, which expires on the fifth anniversary of the date of issuance, according to a news release.
In total, the Eden Prairie, Minn.-based company is offering nearly 27.8 million units at the public offering price, bringing the expected gross proceeds to $12.5 million, prior to deducting underwriting discounts, commissions and offering expenses payable by the company.
Additionally, underwriters were granted a 45-day option to purchase up to nearly 4.2 million more shares of common stock and additional warrants to purchase that amount of shares, solely to over over-allotments, if any. CHF Solutions expects the offering to close on or about Aug. 21.
Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager. Maxim Group LLC is acting as co-manager in connection with the offering.
CHF Solutions did not list an intended use of proceeds connected to the offering. The company develops Aquadex SmartFlow consoles for removing excess fluid from patients suffering from hypervolemia (fluid overload), which have recently been in demand due to capabilities in treating patients with COVID-19.