Medigus (NASDAQ:MDGS) announces that it has entered into a definitive agreement with institutional investors providing for the issuance of 1.1M American Depositary Shares (ADSs) at a purchase price of $0.67 per ADS in a registered direct offering.
The Company will also concurrently issue unregistered warrants to purchase up to 0.4M ADSs. The warrants will have a term of 5.5 years, be exercisable six months following the issuance date and have an exercise price of $0.90 per ADS. Gross proceeds should be ~ $0.8M..
Closing date is December 6. Net proceeds will be used for general corporate purposes.