Shares and five-year warrants sold to finance research and development
By Devika Patel
Knoxville, Tenn., July 30 – Perseon Corp. said it priced a $5.18 million public offering of units with a $776,250 greenshoe. The deal was announced April 23.
The company will sell 5.75 million units of one common share and two warrants at $0.90 per unit.
Each warrant will be exercisable at $0.99 for five years. The strike price is 1% discount to the July 29 closing share price of $1.00.
Maxim Group LLC is the bookrunner.
Settlement is expected Aug. 4.
Proceeds will be used for research and development, marketing, selling and general working capital.
The Salt Lake City life sciences company develops, manufactures, markets and services systems to treat cancer and other diseases with heat therapy using focused radiofrequency and microwave energy.
| Issuer: | Perseon Corp.
|
| Issue: | Units of one common share and two warrants
|
| Amount: | $5,175,000
|
| Greenshoe: | $776,250, or 862,500 units
|
| Units: | 5.75 million
|
| Price: | $0.90
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.99
|
| Bookrunner: | Maxim Group LLC
|
| Announcement date: | April 23
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 4
|
| Stock symbol: | Nasdaq: PRSN
|
| Stock price: | $1.00 at close July 29
|
| Market capitalization: | $2.15 million
|
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