InspireMD Inc. priced its public offering of 2,777,777 units at $1.80 each, for expected gross proceeds of $5 million.
Each unit includes a common share of the company, or a common stock equivalent, and one series E warrant to buy a common share. The warrants are exercisable at $1.80 per share.
The common shares and the accompanying warrants included in the units can only be bought together in the offer, but will be issued separately and will be immediately separable upon issuance.
The Tel Aviv, Israel-based company also granted the underwriter a 30-day option to buy up to an additional 416,666 common shares and/or series E warrants to buy up to 416,666 common shares.
InspireMD, which develops medical devices for the treatment of coronary and vascular diseases, plans to use net proceeds for research and development, capital expenditures, working capital, sales and marketing and other general corporate purposes.
The offering is expected to close on or about Sept. 24.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offer.
