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Amedica to raise $4.5M in public offering

Amedica Corp. is looking to raise $4.5 million in an underwritten offering of shares.

The company priced a previously announced share issue at 51 cents apiece. Each share will come with 0.45 of a warrant, with each full warrant exercisable into a company share for 55 cents apiece within five years from the date of issue.

Underwriters can purchase up to an additional 15% of the shares and warrants offered. Maxim Group LLC is acting as sole book-running manager for the offering, which is expected to close Jan. 24.

Funds raised will help the company maintain its financial covenants as part of a loan agreement while meeting general corporate expenses.

Amedica is required to have at least $3.5 million in cash at all times under the covenant; the company had $10.6 million in cash as of Sept. 30, 2016.