Funds raised for the development and commercialization of technologies
By Devika Patel
Knoxville, Tenn., June 13 - Vertical Health Solutions, Inc. settled a $525,000 tranche of a $5 million private placement of units on June 7, according to an 8-K filed Monday with the Securities and Exchange Commission. Emergent Financial Group, Inc. is the agent.
The company sold 525,000 units of one common share and a half-share warrant at $1.00 per unit in this tranche.
The whole warrants are each exercisable at $2.00 for five years. The strike price reflects a 59.92% discount to the June 6 closing share price of $4.99.
Settlement of the final tranche is expected June 30.
Proceeds will be used for development and commercialization of MRI quality assurance software technologies, development and commercialization of quality assurance software technologies for additional diagnostic modalities and general corporate purposes.
Based in Tampa, Fla., Vertical Health provides animal health care products to veterinarians.
| Issuer: | Vertical Health Solutions, Inc.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | $5 million
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| Units: | 5 million
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| Price: | $1.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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| Agent: | Emergent Financial Group, Inc.
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| Settlement date: | June 7 (for $525,000), June 30
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| Stock symbol: | Pink Sheets: ONMDD
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| Stock price: | $4.99 at close June 7
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| Market capitalization: | $41.05 million
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