Shares and five-year warrants sold to finance research and development
By Devika Patel
Knoxville, Tenn., Aug. 4 – Perseon Corp. said the underwriters for its public sale of units opted to exercise the deal’s $776,250 greenshoe in part, lifting total proceeds of the offering to $5.19 million. The deal was announced April 23 and priced for $5.18 million with the greenshoe on July 30.
The company sold units of one common share and two warrants at $0.90 per unit. Of the warrants, 1,725,000 were part of the partially exercised greenshoe.
Each warrant is 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 was the bookrunner.
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.
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| Issue: | Units of one common share and two warrants
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| Amount: | $5,192,250, including $17,250 greenshoe
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| Price: | $0.90
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| Warrants: | Two warrants per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.99
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| Bookrunner: | Maxim Group LLC
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| Announcement date: | April 23
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Stock symbol: | Nasdaq: PRSN
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| Stock price: | $1.00 at close July 29
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| Market capitalization: | $2.17 million
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