Neurostimulation device developer Nexeon Medsystems today announced an upcoming offering, in which 5.3 million shares will be offered by certain existing company shareholders.
Nexeon produces a range of neurostimulation devices which use an implantable pulse generator and 2 connectors for electrode leads with up to 8 contacts each.
The devices feature a custom chip designed to deliver current along multiple contacts both independently and simultaneously, while integrating features to measure evoked potentials and monitor stimulation and the system’s integrity.
Shares offered will be traded on the OTC Markets QX exchange once the company receives a trading symbol from FINRA, the Dallas-based company said.
“We are pleased to have aligned our capital strategy in a way that benefits our earliest shareholders, opens the investment opportunity to a more diversified investor pool, and allows for a more efficient pricing structure to existing and new shareholders as we prepare to begin trading on the OTC:QX in the near future,” CEO & chair Will Rosellini said in a press release.
Nexeon will not receive any proceeds from the sales of common shares, but will receive the price of the warrants if exercised.
