Asensus Surgical, Inc. (NYSE American: ASXC) has announced a direct stock offering to raise $10 million in order to support its corporate growth. The company has entered into a definitive agreement for the purchase and sale of 23,809,524 shares of its common stock and warrants to purchase 23,809,524 shares of common stock in a registered direct offering.
The shares of common stock and accompanying warrants will be sold at a combined purchase price of $0.42 per share and accompanying warrant. The warrants have an exercise price of $0.42 per share, are immediately exercisable, and will expire five years after the date of issuance. The offering is expected to close on or about July 31, 2023, pending the satisfaction of customary closing conditions.
To facilitate the offering, H.C. Wainwright & Co. is acting as the exclusive placement agent. The gross proceeds from the offering to the company are expected to be $10 million, before deducting placement agent’s fees and other offering expenses. The net proceeds from the offering will be used for general corporate purposes, including working capital and funding research and development activities.
The offering is being made in accordance with a shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (SEC) on March 18, 2022, and became effective on April 28, 2022. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website or through H.C. Wainwright & Co.
It is important to note that this press release is not an offer to sell or a solicitation of an offer to buy these securities. The sale of the securities is subject to registration or qualification under the securities laws of the relevant state or jurisdiction.
Asensus Surgical, Inc. is focused on digitizing the interface between the surgeon and patient to improve minimally invasive surgery by utilizing machine vision and artificial intelligence. The company’s Senhance Surgical System allows for robotic-assisted surgery while providing surgeons with enhanced precision, visualization, and control.
The direct stock offering will provide Asensus Surgical with the necessary funds to support its corporate growth plans and further develop its innovative surgical technologies. With the planned use of proceeds for general corporate purposes and research and development activities, the company aims to continue advancing the field of robotic-assisted surgery and improving patient outcomes.
Overall, this direct stock offering represents an important milestone for Asensus Surgical, enabling the company to enhance its financial position and continue its mission of transforming surgical procedures through technological innovation.
