Microbot Medical unveils $2.5 million direct offering priced at the market
Microbot Medical Inc (NASDAQ:MBOT) extended gains Thursday after the micro-robotic medical technology company said it has entered into definitive agreements with investors for the purchase of 250,000 shares at $10 per share in a direct offering.
Additionally, the Hingham, Massachusetts-based company has agreed to issue to the investors warrants to purchase up to 250,000 shares of common stock. The warrants have an exercise price of $10 per share, which will be exercisable immediately and expire one year from the issuance date.
Microbot shares were up 6.2% to $9.26 in morning trade.
READ: Microbot extends rally after citing progress with self-cleaning shunt used in hydrocephalus treatment
“The gross proceeds to Microbot, before deducting placement agent fees and other offering expenses are expected to be approximately $2.5 million,” the company said in a statement.
Meanwhile, Microbot reported in a securities filing on Tuesday that a test of its self-cleaning shunt showed promise in preventing blockage of a shunt system used for the treatment of hydrocephalus.
The company said in the filing that a test carried out by Envigo CRS Israel “validates the operational effectiveness” of the self-cleaning shunt to prevent blockage.
According to Microbot, it’s estimated that more than 1 million people in the US live with hydrocephalus, a buildup of fluid in the cavities within the brain.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/213283/microbot-medical-unveils-25-million-direct-offering-priced-at-the-market-213283.html
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