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Nexeon MedSystems plans $30.9M common stock, warrants offering

Nexeon MedSystems Inc. plans to sell its units, worth $30.9 million, in an underwritten public offering.

Each unit will comprise one common share and one warrant to buy one common share. Each warrant will expire five years from the closing of this offering.

The common shares and warrants comprising the units are immediately separable.

Nexeon has also applied to have its common shares listed on the Nasdaq Capital Market. The shares are currently listed on the OTCQB tier of the OTC Markets Group Inc. under the symbol NXNN.

The company plans to use the net proceeds from the offering for completion of the technical file for a pre-market application for a CE Mark for its Viant system, European sales launch, working capital and general corporate purposes.

Nexeon said it plans to use $2.4 million for Food and Drug Administration premarket approval and about $1.3 million to prepay the outstanding senior secured convertible promissory note to Leonite Capital LLC, including about $1.1 million of principal and $168,000 in prepayment penalties.

Dallas-based Nexeon MedSystems is a medical device company, develops, manufactures and commercializes neurostimulation technology to treat various neurological disorders through electrical stimulation of neural tissues.