Financing to sell convertible preferreds, warrants at $1,000 per unit
By Devika Patel
Knoxville, Tenn., Dec. 24 – Ekso Bionics Holdings, Inc. negotiated a $15 million registered direct offering of units on Dec. 23, according to an 8-K filed Thursday with the Securities and Exchange Commission. Ladenburg Thalmann & Co. Inc. is the lead agent and Trout Capital LLC is co-agent.
The company will sell 15,000 units of one series A convertible preferred share and warrants for 990.1 common shares at $1,000 per unit.
The preferreds are convertible into a total of 14,851,486 common shares at $1.01 per share, which is a 17.89% discount to the Dec. 22 closing share price of $1.23.
The warrants are exercisable at $1.25 for five years. The strike price represents a 1.62% premium to the Dec. 22 closing share price.
Settlement is expected Dec. 28.
Proceeds will be used for clinical, sales and marketing initiatives, research, development and commercialization activities and other general corporate purposes.
The Richmond, Calif., company develops and manufactures human bionic exoskeletons.
| Issuer: | Ekso Bionics Holdings, Inc.
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| Issue: | Units of one series A convertible preferred share and warrants for 990.1 shares
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| Amount: | $15 million
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| Units: | 15,000
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| Price: | $1,000
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| Conversion price: | $1.01
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| Conversion ratio: | Into a total of 14,851,486 shares
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| Warrants: | Warrants for 990.1 shares per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.25
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| Agents: | Ladenburg Thalmann & Co. Inc. (lead) and Trout Capital LLC (co-agent)
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 28
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| Stock symbol: | OTCBB: EKSO
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| Stock price: | $1.23 at close Dec. 22
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| Market capitalization: | $118.77 million
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