Eden Prairie, Minn.-based CHF Solutions’ offering includes the full exercise of the underwriters’ over-allotment option to purchase additional shares and warrants, bringing the total proceeds to $14.37 million after the offering was priced last week at approximately $12.5 million.
The company offered nearly 27.8 million units comprised 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. The over-allotment included nearly 4.2 million more shares of common stock and additional warrants to purchase that amount of shares.
In total, CHF Solutions issued more than 31.9 million shares of common stock and warrants to purchase up to that amount, with the securities comprising the units issued separately.
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.