Company will use funds for working capital, general corporate purposes
By Devika Patel
Knoxville, Tenn., July 14 – Rennova Health, Inc. said it priced an $8.6 million public sale of units with a 15% greenshoe. The deal was announced May 20.
The company will sell units of one common share and a warrant at $0.45 per unit.
The whole warrants are each exercisable at $0.45 for five years. The strike price represents a 16.67% discount to the July 13 closing share price of $0.54.
Joseph Gunnar & Co. is the bookrunner.
Settlement is expected July 19.
Proceeds will be used for working capital and general corporate purposes.
The health care solutions company is based in West Palm Beach, Fla.
| Issuer: | Rennova Health, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $8.6 million
|
| Greenshoe: | 15%
|
| Price: | $0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.45
|
| Bookrunner: | Joseph Gunnar & Co.
|
| Announcement date: | May 20
|
| Pricing date: | July 14
|
| Settlement date: | July 19
|
| Stock symbol: | Nasdaq: RNVA
|
| Stock price: | $0.54 at close July 13
|
| Market capitalization: | $4.32 million
|
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