Funds used to market, develop and test applications for eSVS Mesh
By Devika Patel
Knoxville, Tenn., Dec. 21 - Kips Bay Medical, Inc. said it priced a $6.5 million public sale of stock with a $975,000 greenshoe.
The company will sell 10 million common shares at $0.65 per share. The price per share is a 39.25% discount to the Dec. 20 closing share price of $1.07.
Sunrise Securities Corp. is the bookrunning manager.
Settlement is expected Dec. 27.
Proceeds will be used to seek regulatory approval to market the company's eSVS Mesh in the United States and abroad, to develop and test additional applications of its eSVS Mesh and for working capital and general corporate purposes.
The medical device company is based in Minneapolis.
| Issuer: | Kips Bay Medical, Inc.
|
| Issue: | Common stock
|
| Amount: | $6.5 million
|
| Greenshoe: | $975,000
|
| Shares: | 10 million
|
| Price: | $0.65
|
| Warrants: | No
|
| Bookrunner: | Sunrise Securities Corp.
|
| Co-manager: | Aegis Capital Corp.
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 27
|
| Stock symbol: | Nasdaq: KIPS
|
| Stock price: | $1.07 at close Dec. 20
|
| Market capitalization: | $12.26 million
|
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