PAVmed Inc. expects to raise about $10.4 million in gross proceeds from an oversubscribed rights offering that expired June 7.
The New York-based medical device company said it has accepted valid subscriptions including up to 9 million units of the total oversubscribed amount.
Each right entitles the holder to buy one unit at $1.15 apiece, with each unit consisting of 1 common share and 1 series Z warrant to buy 1 common share exercisable at $1.60 each.
The units will be immediately split into their underlying securities, and the common stock and warrants will be immediately tradeable upon their issuance.
PAVmed expects the rights offering to close on June 12, subject to customary closing conditions.
Maxim Group LLC and Dawson James Securities Inc. are serving as dealer-managers in the offering.
