Motus GI Holdings Inc, a pioneering medical technology company dedicated to enhancing endoscopic outcomes and experiences, made a significant announcement today regarding the pricing of its public offering. The company revealed that it would be issuing 3,333,334 shares of common stock, along with Series A and Series B common warrants, each allowing the purchase of up to 3,333,334 shares of common stock. This move is aimed at raising capital and furthering Motus GI’s mission to improve medical procedures.
The combined public offering of Motus GI Holdings is set at a price of $1.50 per share, including both the Series A and Series B common warrants. In addition to the common stock and warrants, the offering includes Series A and Series B common warrants, each granting the right to purchase one share of common stock. The total gross proceeds from this offering are estimated to be approximately $5.0 million, with the final amount subject to deductions for placement agent fees and other associated offering expenses.
The Series A warrants will be immediately exercisable at an exercise price of $1.50 per share, with an expiration period of five years from the initial issuance date. On the other hand, the Series B warrants, also exercisable immediately, will have an exercise price of $1.50 per share and an expiration period of eighteen months from the initial issuance date. The pre-funded warrants, which are substantially identical to the accompanying common warrants, have unique characteristics. Each pre-funded warrant is immediately exercisable for one share of common stock at a minimal exercise price of $0.0001, and they do not expire until exercised.
Despite Motus GI’s strategic move to raise funds, the market response was not entirely favorable. Following the announcement, the stock of Motus GI Holdings experienced a significant decline on Tuesday morning, opening at $1.20 per share, a notable drop from the previous day’s closing price of $2.15.
At the time of this publication, Motus GI Holdings Inc stock (MOTS) has witnessed a decline.
Motus GI Holdings Inc
Current Price: $1.17
Change : -0.98
Change (%): (-45.58%)
Volume: 357.8K
Source: Tomorrow Events Market Data
The closing of the offering is anticipated to take place on or around December 21, 2023, contingent upon the satisfaction of customary closing conditions. Motus GI Holdings Inc intends to utilize the net proceeds generated from this offering for working capital and general corporate purposes, reinforcing its commitment to advancing medical technologies.
A.G.P./Alliance Global Partners has taken on the role of the sole placement agent for the offering, guiding Motus GI Holdings Inc through this crucial financial maneuver.
It is worth noting that the securities offered are in compliance with a registration statement on Form S-1 (File No. 333-275121) filed with the Securities and Exchange Commission (SEC), which officially became effective on December 18, 2023. This step ensures transparency and regulatory adherence in Motus GI’s pursuit of capital expansion.
