PAVmed Inc. raised $10.4 million in the closing of a previously announced oversubscribed rights offering.
The New York-based medical device company issued a total of 9 million units in the offering.
Each right allowed the holders to buy one unit at $1.15 apiece, with each unit consisting of 1 common share and 1 series Z warrant to buy 1 PAVmed common share at $1.60 per share.
PAVmed said the units were immediately split into their underlying securities. Furthermore, the common stock and warrants will be immediately tradable upon issuance.
Maxim Group LLC and Dawson James Securities Inc. acted as dealer-managers in the transaction.
