The round included the full exercise of the underwriter’s over-allotment option to purchase additional shares, the Eden Prairie, Minn.-based company said.
A total of 2.8 million shares of common stock, 6,400 shares of preferred stock convertible to 6.4 million common shares and warrants to purchase 9.2 million additional shares were issued in the offering, according to a press release.
The company offered Class A units at $1 per share and Class B units at $1,000 per unit. Each Class A unit consists of 1 share of common stock and 1 5-year warrant to purchase a share of common stock at $1.10 per share. Class B units consist of 1 share of preferred stock, convertible into 1,000 shares of common stock and warrants to purchase an additional 1,000 shares at $1.10 per share.
Ladenburg Thalmann & Co acted as sole book-runner for the offering, the company said.
In February, Sunshine Heart said that NASDAQ gave official word that the company was complying with its $1 minimum bid price requirement.
The news comes after the company pulled the trigger on a 1-for-30 reverse stock split last month, a move that sent shares tumbling. Shares dropped approximately 38% since the split went into effect on Jan. 13.