Medigus Closes $8.5 Million Underwritten Public Offering of American Depositary Shares
March 01 2021 - 12:03PM
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions and innovative internet technologies,
today announced the closing of an underwritten public offering of
3,258,438 American Depositary Shares (the “ADSs”). Each ADS was
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 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. acted as sole bookrunner for the
offering.
This offering was 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 has been 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 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.
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 intended use of proceeds. 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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