Funds used to market, develop and test applications for eSVS Mesh
By Devika Patel
Knoxville, Tenn., Jan. 28 - Kips Bay Medical, Inc. said the underwriters for a public sale of stock elected to exercise $308,750 of the $975,000 greenshoe, bringing the total proceeds to $6.81 million on Jan. 24. The deal priced for $6.5 million Dec. 21.
The company sold 10,475,000 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. Of the shares, 475,000 were part of the partially exercised greenshoe.
Sunrise Securities Corp. was the bookrunning manager.
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.
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Issue: | Common stock
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Amount: | $6,808,750 (including $308,750 greenshoe)
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Shares: | 10,475,000 (including 475,000 from greenshoe)
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Price: | $0.65
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Warrants: | No
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Bookrunner: | Sunrise Securities Corp.
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Co-manager: | Aegis Capital Corp.
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Pricing date: | Dec. 21
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Settlement date: | Jan. 24
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Stock symbol: | Nasdaq: KIPS
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Stock price: | $1.07 at close Dec. 20
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Market capitalization: | $22.54 million
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