Vivos Therapeutics (NASDAQ:VVOS) has announced definitive agreements for a registered direct offering and concurrent private placement expected to generate up to $6.9 million in gross proceeds.
The medical device company, which specializes in treatments for sleep-related breathing disorders, said the offering involves the sale of just over 709,000 shares at $4.935 per share, generating gross proceeds of approximately $3.5 million before expenses.
Additionally, the company will issue unregistered short-term warrants in a concurrent private placement.
These warrants, exercisable immediately at $4.81 per share, allow for the purchase of up to 709,220 shares of common stock and will expire two years from issuance.
If fully exercised on a cash basis, the warrants could bring in an additional $3.4 million.
Vivos plans to use the net proceeds from the offering for working capital and general corporate purposes.
The offering is expected to close on December 24.