Medigus Prices $8.5 Million Underwritten Public Offering of American Depositary Shares
February 25 2021 - 9:07AM
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions and innovative internet technologies,
today announced the pricing of an underwritten public offering of
3,258,438 American Depositary Shares (the “ADSs”). Each ADS is
being sold to the public at a price per ADS of $2.60. The gross
proceeds to the Company from this offering are expected to be
approximately $8.5 million before deducting underwriting discounts
and commissions and other estimated offering expenses payable by
the Company. The offering is expected to close on or about March 1,
2021, subject to customary closing conditions.
The Company intends to use the net proceeds from this offering
for working capital and general corporate purposes.
In addition, the Company has granted the underwriter an option
to purchase an additional 15 percent of the ADSs offered in the
public offering solely to cover over-allotments, if any,
exercisable for 45 days, but not to close after March 31, 2021
unless the Company has filed its annual report on Form 20-F with
the SEC before that date. If the over-allotment option is exercised
in full it would increase the total gross proceeds of the offering
to approximately $9.7 million.
Aegis Capital Corp. is acting as sole bookrunner for the
offering.
This offering is being made pursuant to an effective
registration statement on Form F-3 (No 333-238162) previously filed
with the U.S. Securities and Exchange Commission (the “SEC”) and
declared effective by the SEC on May 15, 2020. A final prospectus
describing the terms of the proposed offering will be filed with
the SEC and will be available on the SEC’s website located at
http://www.sec.gov.
Electronic copies of the final prospectus, when available, may
be obtained by contacting Aegis Capital Corp., Attention: Syndicate
Department, 810 7th Avenue, 18th floor, New York, NY 10019, by
email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.
Before investing in this offering, interested parties should read
in their entirety the final prospectus, which provides more
information about the Company and such offering.
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.
About Medigus
Medigus is traded on the Nasdaq Capital Market. To learn more
about the company's advanced technology, please visit
www.medigus.com.
Cautionary Note Regarding Forward Looking
Statements
This press release may contain statements that are
“Forward-Looking Statements,” which are based upon the current
estimates, assumptions and expectations of the Medigus’ management
and its knowledge of the relevant market. Medigus has tried, where
possible, to identify such information and statements by using
words such as “anticipate,” “believe,” “envision,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “will,” “would,” “could,” “should,” “continue,”
“contemplate” and other similar expressions and derivations thereof
in connection with any discussion of future events, trends or
prospects or future operating or financial performance, although
not all forward-looking statements contain these identifying words.
For example, Medigus uses forward looking statements when
describing the expected closing date of the offering and the
intended use of proceeds from such offering. These forward-looking
statements represent Medigus’ expectations or beliefs concerning
future events, and it is possible that the results described in
this press release will not be achieved, due to inter alia the
spread of COVID-19 as well as the restriction deriving therefrom.
By their nature, Forward-Looking Statements involve known and
unknown risks, uncertainties and other factors which may cause
future results of Medigus activity to differ significantly from the
content and implications of such statements. Other risk factors
affecting Medigus are discussed in detail in Medigus’ filings with
the Securities and Exchange Commission. Forward-Looking Statements
are pertinent only as of the date on which they are made, and
Medigus undertakes no obligation to update or revise any
Forward-Looking Statements, whether as a result of new information,
future developments or otherwise. Neither Medigus nor its
shareholders, officers and employees, shall be liable for any
action and the results of any action taken by any person based on
the information contained herein, including without limitation the
purchase or sale of Medigus’ securities. Nothing in this press
release should be deemed to be medical or other advice of any
kind.
Investor Contact
Oz AdlerChief Financial Officer+972-8-6466-880ir@medigus.com
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