Medigus Ltd. Announces Closing of $5 Million Public Offering
May 22 2020 - 4:05PM
Medigus Ltd. (Nasdaq, TASE: MDGS), a technology company developing
minimally invasive tools and an innovator in direct visualization
technology, today announced the closing of its previously announced
underwritten public offering of 3,333,334 American Depositary
Shares (the “ADSs”) or pre-funded ADS purchase warrants, each to
purchase one ADS (the “Pre-Funded Warrants”) in lieu thereof. Each
ADS was sold to the public at a price per ADS of $1.50 and each
Pre-Funded Warrant was sold to the public at a price per Pre-Funded
Warrant of $1.499. The gross proceeds to the Company from this
offering were approximately $5,000,000 before deducting
underwriting discounts, commissions and other offering expenses.
The Pre-Funded Warrants will be exercisable at any time after
the date of issuance upon payment of the exercise price of
$0.001 per ADS.
Medigus Ltd. intends to use the proceeds of the
offering for working capital and general corporate purposes.
ThinkEquity, a division of Fordham Financial
Management, Inc., acted as the sole book-running manager for the
offering.
A shelf registration statement on Form F-3 (File
No. 333-238162) relating to the American Depositary Shares to be
issued in the proposed offering was filed with the Securities and
Exchange Commission (SEC) and is effective. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
A final prospectus supplement and accompanying
prospectus describing the terms of the offering has been filed with
the SEC and is available on the SEC’s website at
http://www.sec.gov. Electronic copies of the final prospectus
supplement may also be obtained from ThinkEquity, a division of
Fordham Financial Management, Inc., 17 State Street, 22nd Floor,
New York, New York 10004, by telephone at (877) 436-3673, by email
at prospectus@think-equity.com.
Safe Harbor
This press release contains forward-looking
statements regarding the public offering and the intended use of
proceeds from the offering. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause actual results to differ materially, including those risks
disclosed in under the caption “Risk Factors” in the final
prospectus supplement related to the offering and our Annual Report
on Form 20-F filed with the SEC on April 21, 2020 and our other
filings with the SEC. Medigus Ltd. cautions readers not to place
undue reliance on any forward-looking statements and it does not
undertake, and specifically disclaims any obligation, to update or
revise such statements to reflect new circumstances or
unanticipated events as they occur.
About Medigus Ltd.
Medigus is traded on the Nasdaq Capital Market
and the TASE (Tel Aviv Stock Exchange). To learn more about the
company’s advanced technology, please visit www.medigus.com.
Contact Tatiana YosefChief Financial
Officer+972-8-6466-880ir@medigus.com
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