Soliton raises $9m in private placement

Soliton (NSDQ:SOLY) said today that it raised $9 million in a private placement for the acoustic tattoo removal aid it’s developing.

Houston-based Soliton, which licenses its technology from the University of Texas, is develop a rapid acoustic pulse device that’s designed to make tattoo-removal lasers more effective. The device won 510(k) clearance from the FDA last month. The company said the $9.5 million placement was led by a $5 million investment by its largest backer, Remeditex Ventures.

Each $14 share in the 675,000-share offering included a five-year warrant for 0.7 shares at a strike price of $16. The flotation is slated to close June 19, Soliton said.

Roth Capital Partners is lead placement agent on the deal, with Boustead Securities and Maxim Group as co-placement agents, Soliton said.

SOLY shares were up 15.4% to $16.50 apiece today in late-morning trading.