Eden Prairie, Minn.-based CHF Solutions, formerly known as Sunshine Heart, said the Series F shares are convertible to common stock at $4.50 per share. The Series F shares also carry a one-year Series 1 warrant for 223 shares at $4.50 apiece and a seven-year Series 2 warrant for 223 shares also at $4.50 per share, the company said.
The offering, which is slated to close Nov. 27, follows last month’s 1-for-20 reverse split that reduced the number of outstanding shares from approximately 12.5 million to about 626,000.
The offering priced today involves 18,000 Series F shares, convertible into roughly 4 million common shares plus warrants for another 8 million shares, CHF said.
In June, the company said researchers at Stanford University won an investigational device exemption from the FDA for a pediatric study of its Aquadex FlexFlow aquapheresis system.