Newtown, Pennsylvania-based Helius, which develops the PoNS (portable neuromodulation stimulator), is offering 24 million shares of Class A common stock and warrants to purchase up to 36 million shares of Class A common stock at a purchase price of 75¢ per share.
The public warrants in the offering will have an exercise price of 75¢ per share and are exercisable upon issuance with expiration after five years following the date of issuance.
Helius expects the offering to close on or about Aug. 9, subject to customary closing conditions. Roth Capital Partners, LLC is acting as lead placement agent, and Maxim Group LLC is acting as co-placement agent of the offering.
The company said in a news release that the $18 million in gross proceeds is earmarked for funding operations, working capital and other general corporate purposes.