Bookrunner Dawson James will sell convertible preferreds with warrants
By Devika Patel
Knoxville, Tenn., July 1 – InspireMD, Inc. said on Thursday that it priced a $14.6 million public offering of preferred units. The deal was announced April 14.
The company will sell 442,424 units of one 15% series B convertible preferred share and 100 five-year warrants at $33.00 per unit.
Each warrant will be exercisable at $0.20, a 37.5% discount to the June 29 closing share price of $0.32.
The preferreds may each be converted into 100 common shares at $0.33 per share, a 3.13% premium to the June 29 closing share price.
Dawson James Securities, Inc. is the bookrunner.
Settlement is expected July 7.
Proceeds will be used to develop new products, for sales activities and for general corporate purposes.
InspireMD is a medical device company based in Boston.
| Issuer: | InspireMD, Inc.
|
| Issue: | Units of one series B convertible preferred share and 100 warrants
|
| Amount: | $14.6 million
|
| Units: | 442,424
|
| Price: | $33.00
|
| Dividends: | 15%
|
| Conversion ratio: | Into 100 common shares (per preferred)
|
| Conversion price: | $0.33
|
| Warrants: | 100 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
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| Bookrunner: | Dawson James Securities, Inc.
|
| Announcement date: | April 14
|
| Pricing date: | June 30
|
| Settlement date: | July 7
|
| Stock symbol: | NYSE: NSPR
|
| Stock price: | $0.32 at close June 29
|
| Market capitalization: | $2.75 million
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