The Caesarea, Israel-based medical device company said the 2-tranche round is divided among "a group of institutional and accredited investors" led by Oracle Investment Management.
Mazor will issue nearly 7.1 million shares in the 1st tranche at about $1.06 (₪4.25) apiece, according to a press release, and then begin the process of obtaining a Level 2 ADR listing on either the NASDAQ exchange or the New York Stock Exchange "and release the shares and warrants issued to the investors."
The 2nd tranche of the transaction would see Mazor issue 3-year warrants for ordinary shares to the investors at an exercise price equal to the lower of either about $1.50 (₪6.00) or the 10-day trailing daily volume-weighted average price in Israeli shekels. If that price is less than $1.06, Mazor can release only 50% of the 2nd tranche.
"We welcome our new investors and are gratified they share our vision for Mazor’s future success in the robotics market," CEO Ori Hadomi said in prepared remarks. "The first tranche of this transaction improves our balance sheet and provides us with the roadmap and resources to list on a major U.S. stock exchange, which we believe will significantly increase our visibility with investors and expand our investor base."