Business News • MarketWire • InspireMD Announces Closing of Public Offering of Approximately $14.6 Million |
InspireMD Announces Closing of Public Offering of Approximately $14.6 Million |
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InspireMD Announces Closing of Public Offering of Approximately $14.6 Million
BOSTON, MA--(Marketwired - Jul 7, 2016) - InspireMD, Inc. (NYSE MKT: NSPR) ("InspireMD" or the "Company"), a leader in embolic prevention systems (EPS), neurovascular devices and thrombus management technologies, today announced the closing of a "best efforts" public offering of 442,424 shares of Series B Convertible Preferred Stock and accompanying warrants to purchase up to 44,242,400 shares of common stock. Each share of Series B Convertible Preferred Stock is convertible into 100 shares of common stock at a conversion price equal to $0.33 per share, and the holders of Series B Convertible Preferred Stock will be entitled to receive cumulative dividends at the rate per share of 15% per annum of the stated value for five years. The warrants shall be exercisable immediately and have a term of exercise of five years from the date of issuance and have an exercise price of $0.20 per share of common stock. The Series B Convertible Preferred Stock and accompanying warrants were sold at a price of $33.00 per share. The Company received gross proceeds of approximately $14.6 million from the offering, before deducting placement agent fees and estimated offering expenses payable by the Company.
View More : http://www.marketwired.com/mw/release.do?id=2140750&sourceType=3
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