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Vivos Therapeutics | 8-K: Current report

SEC announcement ·  Feb 15 08:57
Summary by Moomoo AI
Vivos Therapeutics, Inc., a medical technology company, has entered into a material definitive agreement with an institutional investor, as reported in a Form 8-K filed with the SEC on February 15, 2024. The agreement, initially established on October 30, 2023, involved a private placement where Vivos Therapeutics sold approximately $4.0 million of securities, including common stock and Series A and B Common Stock Purchase Warrants. The Series B Warrants, with an exercise price of $3.83 per share, were fully exercised by the investor on February 14, 2024, for $4.02 per share, resulting in $4.0 million in gross proceeds for the company. In conjunction with this exercise, Vivos Therapeutics agreed to issue new Series B-1 and B-2 Common Stock Purchase Warrants as part of an inducement transaction. A.G.P./Alliance...Show More
Vivos Therapeutics, Inc., a medical technology company, has entered into a material definitive agreement with an institutional investor, as reported in a Form 8-K filed with the SEC on February 15, 2024. The agreement, initially established on October 30, 2023, involved a private placement where Vivos Therapeutics sold approximately $4.0 million of securities, including common stock and Series A and B Common Stock Purchase Warrants. The Series B Warrants, with an exercise price of $3.83 per share, were fully exercised by the investor on February 14, 2024, for $4.02 per share, resulting in $4.0 million in gross proceeds for the company. In conjunction with this exercise, Vivos Therapeutics agreed to issue new Series B-1 and B-2 Common Stock Purchase Warrants as part of an inducement transaction. A.G.P./Alliance Global Partners served as the exclusive financial advisor for the transaction, for which they will receive a 7.0% cash fee and up to $30,000 for legal expenses. The closing of the inducement transaction is expected by February 20, 2024, with the proceeds intended for general corporate purposes. Additionally, Vivos Therapeutics is required to file a registration statement for the resale of the inducement warrant shares by April 5, 2024, and ensure its effectiveness within 60 days of filing. The company has agreed not to issue any additional shares or enter into any variable rate transactions for specified periods following the closing of the inducement transaction.
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