The offering is expected to be comprised of a unit of common stock with warrants to purchase shares of common stock and a unit of convertible preferred stock with warrants to purchase shares of common stock. According to a news release, the unit of convertible preferred stock and the accompanying warrants are being offered in lieu of the unit of common stock plus warrants for purchasers who would otherwise beneficially own more than 4.99%.
Included in the preferred stock on offer is a beneficial ownership blocker but with no dividend rights, voting rights, liquidation preference or other preferences over common stock. Ladenburg Thalmann & Co. is the sole book-running manager in connection with the offering.
Previously, Research Triangle Park, N.C.-based TransEnterix filed a shelf registration relating to the offering’s units in May 2017. The offering is set to only be made by means of a prospectus supplement and accompanying prospectus, according to the release.
TransEnterix develops robotic surgery devices, including the Senhance System, which it touts as a more economical option when it comes to laparoscopic and robotic systems, with haptic feedback, surgeon camera control via eye sensing and improved ergonomics.
The company is currently seeking an FDA 510(k) clearance for a new Intelligent Surgical Unit in which the system automatically moves the camera for the surgeon. The company is also looking to develop more artificial intelligence features in the Senhance system.
In January, TransEnterix announced that the Klinikum Esslingen hospital near Stuttgart, Germany, agreed to lease a Senhance robotic surgery system, marking the third leasing agreement in about three months for the company at that time.