Soliton Inc. plans to raise about $6.3 million in gross proceeds via a private placement of its securities.
The Houston-based medical device company will sell 485,250 units at $12.88 apiece. Each unit will consist of one common share and one warrant to purchase 1.1 common share for an exercise price of $12.88 per warrant. The warrants come with an expiration of five years from the date of issuance.
The financing was led by the company's largest shareholder, Remeditex Ventures LLC, that agreed to buy $2 million worth of securities in the placement, which is expected to close on or about Oct. 11, subject to conditions.
Soliton plans to use the net proceeds for working capital purposes.
Roth Capital Partners was the lead placement agent while Boustead Securities acted as the co-placement agent for the transaction.
