Rennova Health Inc. priced an underwritten public offering of 12,350 shares of its series H convertible preferred stock at $1,000 per share.
Each preferred share is convertible into 11,111 common shares at a conversion price of 9 cents per share.
Rennova Health expects the offering to generate $12.4 million in gross proceeds before deducting underwriting discounts and commissions and other estimated offering expenses.
About $8.3 million of the net proceeds will be used to redeem certain outstanding shares of the company's series G convertible preferred stock.
The offering is expected to close Dec. 20.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.