InVivo Therapeutics Announces Closing of $3.0 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
April 17 2020 - 12:19PM
Business Wire
InVivo Therapeutics Holdings Corp. (NVIV) today announced
the closing of its previously announced registered direct offering
priced at-the-market under Nasdaq rules of 1,715,240 shares of its
common stock at a purchase price of $1.75 per share. The Company
also issued to the purchasers of such shares unregistered warrants
to purchase up to 1,715,240 shares of common stock. The warrants
have an exercise price of $1.62 per share, are exercisable
immediately, and will expire five and one-half years from the date
of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds to the Company from the registered direct
offering were approximately $3.0 million, before deducting the
placement agent’s fees and other offering expenses payable by the
Company. The Company intends to use the net proceeds from this
offering for working capital, business development activities, and
general corporate purposes.
The shares of common stock (but not the warrants issued in the
private placement or the shares of common stock issuable upon
exercise of the warrants) were offered by the Company pursuant to a
“shelf” registration statement on Form S-3 (File No. 333-234353)
previously filed with the Securities and Exchange Commission, or
the SEC, and declared effective by the SEC on November 14, 2019. A
final prospectus supplement and accompanying prospectus relating to
the shares of common stock has been filed with the SEC. Electronic
copies of the final prospectus supplement and accompanying
prospectus may be obtained on the SEC’s website at
http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC,
430 Park Avenue, 3rd Floor, New York, NY 10022, or by telephone at
(646) 975-6996, or email at placements@hcwco.com.
The warrants described above were offered in a private placement
under Section 4(a)(2) of the Securities Act of 1933, as amended, or
the Act, and Regulation D promulgated thereunder, and the warrants
and the shares of common stock issuable upon exercise of the
warrants have not been registered under the Act or applicable state
securities laws. Accordingly, the warrants and shares of common
stock issuable upon exercise of the warrants may not be offered or
sold in the United States except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Act and such applicable state
securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or other jurisdiction.
About InVivo Therapeutics
InVivo Therapeutics Holdings Corp. is a research and
clinical-stage biomaterials and biotechnology company with a focus
on treatment of spinal cord injuries. The company was founded in
2005 with proprietary technology co-invented by Robert Langer,
Sc.D., Professor at Massachusetts Institute of Technology, and
Joseph P. Vacanti, M.D., who then was at Boston Children’s Hospital
and who now is affiliated with Massachusetts General Hospital. The
publicly traded company is headquartered in Cambridge, MA.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200417005456/en/
IR CONTACT: Bret Shapiro, Managing Partner CORE IR Phone:
(516) 222-2560 brets@coreir.com
InVivo Therapeutics (NASDAQ:NVIV)
Historical Stock Chart
From Aug 2024 to Sep 2024
InVivo Therapeutics (NASDAQ:NVIV)
Historical Stock Chart
From Sep 2023 to Sep 2024