Viveve Medical (NSDQ:VIVE) entered into an underwriting agreement with Ladenburg Thalmann & Co. to price an offering of approximately $10 million.
Last month, the company issued and sold 978,202 Class A units of common stock at a public offering price of $1.55 per unit, according to an SEC Form 8-K filing. It also issued nearly 5.48 million Class B units, also listed at a public offering price of $1.55 per unit.
In connection with the offering, Viveve Medical’s secured lender, CRG, agreed to convert $29 million of senior secured notes into newly created Series B convertible preferred stock and warrants to purchase common stock, while also entering into a one-year lock-up agreement on all securities the company holds.
Viveve Medical said the securities that make up the units are immediately separable and will be issued separately. Ladenburg Tlamann & Co. is acting as a sole book-running manager for the offering.
Englewood, Colo.–based Viveve’s eponymous device uses cryogen-cooled monopolar radiofrequency tech designed to treat gynecological conditions. In December 2018, the company priced an offering of 13.3 million shares at $1.50 apiece, for gross proceeds of $20 million. Viveve also placed a $6.8 million offering in the face of delisting in August of this year.