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Home » InspireMD prices upcoming $7.5m offering

InspireMD prices upcoming $7.5m offering

March 9, 2017 By Fink Densford

InspireMDInspireMD (NYSE:NSPR) today priced an upcoming offering, looking to raise $7.5 million to expand sales and marketing of its CGuard and MGuard Prime embolic prevention systems.

In the round, the Israel-based company will float up to 1.2 million shares of Series C convertible preferred stock, Series B warrants to purchase up to 4.7 million shares of common stock and Series C warrants to purchase up to 4.7 million shares.

Each share of Series C convertible stock is convertible into 4 shares at a conversion price of $1.60 per share. Series B warrants are exercisable at $2 per share immediately and have an exercise term of 5-years. Series C warrants are exercisable for 6 months with an exercise price of $1.60, according to a press release.

The offering is expected to close March 14, with proceeds set to fund the expansion of its sales and marketing activities for the CGuard and MGuard Prime EPS. InspireMD said it plans to continue development and manufacturing enhancement for its CGuard EPS if receives sufficient proceeds from exercised Series C warrants.

Dawson James Securities is acting as the sole placement agent for the offering.

Last month, InspireMD logged a provisional win in a battle over nearly $3 million it allegedly owes in finder’s fees related to some $24 million in financing for the cardiac device maker.

Filed Under: Business/Financial News Tagged With: InspireMD

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