The Waltham, Mass.-based ocmpany floated a total of 3,500 Series F convertable shares at $1,000 per share. Shares sold in the round are convertible into 1.3 million shares of common stock at $2.63 per share, according to the company.
The closing was the 2nd and final tranche of a $7 million private placement equity offering with an institutional investor which was originally reported in July. NeuroMetrix said the company received shareholder approval for the 2nd tranche at a special meeting of shareholders last month.
A total of 7,000 Series F shares were issued in the private placement for total proceeds of $7 million.
In May, NeuroMetrix said it would engage in a 1-for-8 reverse stock split as it looks to satisfy the $1 minimum bid price requirement for the NASDAQ capital market.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.