Company secures two-year agreement with investor YA Global Investments
By Devika Patel
Knoxville, Tenn., April 18 - D. Medical Industries Ltd. announced a $10 million two-year standby equity distribution agreement with YA Global Investments, LP.
The company may sell up to $500,000 of common shares in any 10-day period at a 3% discount to the lowest market price during the 10-day period.
"As we move forward with the process of transferring the manufacturing of all of our 'Spring' branded products to China and prepare to introduce and promote them in various target markets - including the United States, Canada, Europe, Mexico and the BRIC countries of Brazil, Russia, India and China - the SEDA will provide D. Medical with the flexibility to draw capital in an amount and at the time of our choosing," D. Medical's chief executive officer Efri Argaman said in a press release.
"This will place the company in a more comfortable position for pursuing our commercial development plans and provide a safety net to mitigate any uncertainties that may occur on our way to reaching our goals."
D. Medical is a Tirat Carmel, Israel-based medical device company.
| Issuer: | D. Medical Industries Ltd.
|
| Issue: | Equity distribution agreement
|
| Amount: | $10 million
|
| Tenor: | Two years
|
| Price: | 3% discount
|
| Warrants: | No
|
| Investor: | YA Global Investments, LP
|
| Settlement date: | April 18
|
| Stock symbol: | Nasdaq: DMED
|
| Stock price: | $3.52 at close April 15
|
| Market capitalization: | $26.52 million
|
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