HOUSTON, June 17, 2019 /PRNewswire/ -- Soliton, Inc.
(NASDAQ: SOLY), a medical device company with a novel and
proprietary platform technology licensed from The University of Texas on behalf of the MD Anderson
Cancer Center ("MD Anderson"), today announced that it has entered
into definitive agreements with certain institutional and
accredited investors to raise aggregate gross proceeds of
approximately $9.45 million through
the private placement of its equity securities. The financing was
led by Remeditex Ventures, LLC, the Company's largest shareholder,
which agreed to purchase $5.0 million
of the securities in the private placement.
Soliton will sell an aggregate of 675,000 shares of the
Company's common stock at $14.00 per
share. Each share will be sold together with a warrant to purchase
0.7 shares of common stock. Each warrant has an exercise price of
$16.00 per share. The warrants are
exercisable on the effective date of the registration statement
pursuant to which the resale of the shares of common stock
underlying the warrants are registered and will have a term of five
years from such date. The offering is expected to close on or about
June 19, 2019, subject to customary
closing conditions.
Soliton intends to use the net proceeds from the offering for
working capital purposes.
Roth Capital Partners is acting as lead placement agent for the
transaction. Boustead Securities and Maxim Group are acting as
co-placement agents.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
The securities to be sold in the offering have not been
registered under the Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold in the United States absent registration with the
Securities and Exchange Commission or an applicable exemption from
such registration requirements. Soliton has agreed to file a
registration statement with the Securities and Exchange Commission
covering the resale of the shares of common stock, including the
shares of common stock issuable upon exercise of the warrants, sold
in the private placement. Soliton has agreed to file the
registration statement no later than July
17, 2019. If any shares are unable to be included on the
initial registration statement, Soliton has agreed to file
subsequent registration statements until all the shares have been
registered, and the registration rights agreement imposes certain
customary cash penalties on Soliton for its failure to satisfy
specified filing and effectiveness time periods.
About Soliton, Inc.
Soliton, Inc. is a medical device company with a novel and
proprietary platform technology licensed from MD Anderson. The
Company's first FDA cleared commercial product will use rapid
pulses of acoustic shockwaves as an accessory to lasers for the
removal of unwanted tattoos. The Company is based in Houston, Texas, and is actively engaged in
bringing the Rapid Acoustic Pulse ("RAP") device to the market. The
Company believes this "Soliton" method has the potential to lower
tattoo removal costs for patients, while increasing profitability
to practitioners, compared to current laser removal methods.
Soliton is investigating potential additional capabilities of the
RAP technology in preclinical testing, including the potential to
assist existing fat reduction technology in the reduction of fat as
well as improving the appearance of cellulite by creating
mechanical stress at the cellular level and inducing significant
collagen growth.
For more information about the Company, please visit:
http://www.soliton.com
Forward-Looking Statements
Some of the statements in this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. Forward-looking statements in this press
release include, without limitation, whether the offering of
securities will close on a timely basis, if at all. These
statements relate to future events, future expectations, plans and
prospects. Although Soliton believes that the expectations
reflected in such forward-looking statements are reasonable as of
the date made, expectations may prove to have been materially
different from the results expressed or implied by such
forward-looking statements. Soliton has attempted to identify
forward-looking statements by terminology including ''believes,''
''estimates,'' ''anticipates,'' ''expects,'' ''plans,''
''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,''
''might,'' ''will,'' ''should,'' ''approximately'' or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. These statements are only
predictions and involve known and unknown risks, uncertainties, and
other factors, including those discussed under in our SEC filings,
including under the heading "Item 1A. Risk Factors" in the Form
10-K for year ended December 31, 2018
we filed with the SEC and updated from time to time in our Form
10-Q filings and in our other public filings with the SEC. Any
forward-looking statements contained in this release speak only as
of its date. Soliton undertakes no obligation to update any
forward-looking statements contained in this release to reflect
events or circumstances occurring after its date or to reflect the
occurrence of unanticipated events.
View original
content:http://www.prnewswire.com/news-releases/soliton-announces-9-45-million-private-placement-300869254.html
SOURCE Soliton, Inc.