Deal with a $3.75 million greenshoe will be conducted by Cowen and Co.
By Devika Patel
Knoxville, Tenn., April 11 - InspireMD, Inc. priced a $25 million public sale of stock with a $3.75 million greenshoe in a prospectus and 8-K filed Thursday with the Securities and Exchange Commission. The deal priced April 10.
The company will sell 12.5 million common shares at $2.00 apiece, which is a 6.98% discount to the company's closing price on April 9.
Cowen and Co., LLC is the bookrunning manager.
Settlement is expected April 16.
Proceeds will be used to redeem the company's convertible debentures, support the worldwide commercialization of the MGuard Embolyic Protective Stent in acute myocardial infarction, to pursue FDA approval in the United States and for general corporate purposes.
InspireMD is a Tel Aviv medical device company developing its proprietary stent system technology, MGuard.
| Issuer: | InspireMD, Inc.
|
| Issue: | Common shares
|
| Amount: | $25 million
|
| Greenshoe: | $3.75 million
|
| Shares: | 12.5 million
|
| Price: | $2.00
|
| Warrants: | No
|
| Bookrunner: | Cowen and Co., LLC
|
| Co-lead manager: | JMP Securities
|
| Pricing date: | April 10
|
| Settlement date: | April 16
|
| Stock symbol: | NYSE: NSPR
|
| Stock price: | $2.15 at close April 9
|
| Market capitalization: | $37.2 million
|
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