Deal negotiated with Essex Woodlands in conjunction with acquisition
By Devika Patel
Knoxville, Tenn., Oct. 27 - Endologix, Inc. settled a private placement of stock on Oct. 27, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The placement was arranged concurrent with the company's planned merger with Nepal Acquisition Corp., under which Nepal Acquisition will merge with and into Nellix, Inc., a company subsidiary.
In the placement, the company will sell 3,170,577 common shares at $4.731 per share to Essex Woodlands Health Ventures Fund VII, LP for $15 million. The price per share is a 47.25% discount to $5.14, the Oct. 26 closing share price.
Following the placement, two new members, designated by Essex Woodlands, will be appointed to the company's board of directors.
Irvine, Calif.-based Endologix develops minimally invasive treatments for vascular diseases.
| Issuer: | Endologix, Inc.
|
| Issue: | Common stock
|
| Amount: | $15 million
|
| Shares: | 3,170,577
|
| Price: | $4.731
|
| Warrants: | No
|
| Investor: | Essex Woodlands Health Ventures Fund VII, LP
|
| Settlement date: | Oct. 27
|
| Stock symbol: | Nasdaq: ELGX
|
| Stock price: | $5.27 at close Oct. 27
|
| Market capitalization: | $258.02 million
|
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