Nemaura Medical (NSDQ:NMRD) announced that it intends to offer shares of its common stock and warrants in a “best efforts” public offering.
The Loughborough, England-based wearable diagnostic device developer for people with diabetes said in a news release that the offering includes an aggregate of up to nearly 1.6 million shares of common stock and warrants to purchase up to 793,103 shares.
Each share of common stock and accompanying one-half of a warrant will be sold at a combined purchase price of $7.25 for a gross size of $11.5 million, without including future proceeds from the exercise of warrants. The company expects the offering to close on or about July 30.
Whole warrants in the offering will have an exercise price of $8 per share and are exercisable immediately. They will expire five years from the date of issuance.
Last week, Nemaura commissioned the integration of data to its ProBeat app set for U.S. launch this year. SugarBeat had its app launched last month. In April, the company announced that the CGM is set to be repurposed for continuous temperature monitoring (CTM) to match with the SugarBeat patch, which is CE-marked in Europe and commercially available.
The company has also repurposed the device’s usage capabilities to aid in diagnosing fevers in potential cases of COVID-19 during the ongoing pandemic.
This story was updated after a second news release from Nemaura Medical clarified errors in the original.
