The stock is being offered at $0.13 per share, which was the last reported sale price of its common stock on August 15, 2019. The actual number of shares issued will vary depending on the sales price, the Englewood, Colo.-based company said in its prospectus.
The prospectus also said that that company received delisting notices from Nasdaq on May 13 and May 21, 2019, for failure to comply with the minimum bid price requirements as well as the market value of listed securities requirements. Nasdaq gave Viveve 180 days, or until November 18, 2019, at the latest, to regain compliance or face delisting.
Viveve said it filed a preliminary proxy statement to solicit the vote of its stockholders at a special meeting to implement a reverse stock split of its outstanding securities to regain compliance with the Nasdaq listing rules. The company also said it has switched from a sales model for its cryogen-cooled monopolar radiofrequency technology to a rental model. The eponymous device was designed to treat gynecological conditions.
Viveve said it expects to use the net proceeds of the funding round to support the continued commercialization of its products and its efforts to obtain additional regulatory clearances; to conduct the Viveve II Sexual Function and Liberate – International and Liberate – U.S. stress urinary incontinence clinical trials; and for general corporate and working capital purposes.
Ladenburg Thalmann & Co. Inc. is the sales agent.
Shares in VIVE opened at $0.11 apiece today and were trading at $0.12 mid-morning.