Vivos Therapeutics Closes $4 Million Private Placement
03 11월 2023 - 6:00AM
Vivos Therapeutics, Inc. (“Vivos” or the “Company”)
(NASDAQ: VVOS), a medical technology company focused on
developing innovative treatments for patients suffering from
dentofacial abnormalities and/or mild-to-moderate obstructive sleep
apnea (OSA) and snoring in adults, announced that today it has
closed a $4 million private placement previously announced on
October 31, 2023.
After deducting estimated offering expenses,
Vivos expects the net proceeds from the private placement will be
approximately $3.5 million. Vivos intends to use the net proceeds
from the offering for general working capital.
In the private placement, Vivos issued to a
single institutional investor 980,393 shares of its common stock
(or pre-funded warrants in lieu thereof) at a purchase price of
$4.08 per share. In addition, Vivos issued to the investor a
five-year Series A Warrant to purchase up to an aggregate of
980,393 shares of common stock and an eighteen (18) month Series B
Warrant to purchase up to an aggregate of 980,393 shares of common
stock. The Series A and Series B Warrants have an exercise price of
$3.83 per share and are exercisable immediately following the date
of issuance. Vivos believes that the short-term Series B Warrant
provides Vivos with an opportunity for additional capital over the
next 18 months, although no assurances can be given that such
Series B Warrant will be exercised for cash or at all.
A.G.P./Alliance Global Partners acted as the
sole placement agent for the offering.
The offer and sale of the foregoing securities
was made in a transaction not involving a public offering, and the
securities have not been and will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”), or
applicable state securities laws. Accordingly, the securities may
not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and such
applicable state securities laws. Pursuant to an agreement to be
entered into with the investor, the Company agreed to file a
registration statement with the U.S. Securities and Exchange
Commission (the “SEC”) covering the resale of the shares of common
stock (including the shares of common stock underlying the
pre-funded warrants and Series A and Series B warrants) issued to
the investor no later than 20 days after November 2, 2023 and to
use commercially reasonable efforts to have the registration
statement declared effective as promptly as practicable thereafter,
and in any event no later than 60 days after the filing of the
initial registration statement in the event of a “full review” by
the SEC.
Additional details regarding the private
placement will be provided in a Current Report on Form 8-K to be
filed by Vivos with the U.S. Securities and Exchange
Commission.
About Vivos Therapeutics, Inc.
Vivos Therapeutics, Inc. (NASDAQ: VVOS) is a
medical technology company focused on developing and
commercializing innovative diagnostic and treatment methods for
patients suffering from breathing and sleep issues arising from
certain dentofacial abnormalities such as mild-to-moderate
obstructive sleep apnea (OSA) and snoring in adults. The Vivos
Method represents the first clinically effective nonsurgical,
noninvasive, nonpharmaceutical and cost-effective solution for
treating mild to moderate OSA. It has proven effective in
approximately 40,000 patients treated worldwide by more than 1,800
trained dentists.
The Vivos Method includes the Vivos Complete
Airway Repositioning and/or Expansion (CARE) appliance therapy and
associated protocols that alter the size, shape and position of the
soft tissues that comprise a patient’s upper airway and/or palate.
The Vivos Method opens airway space and may significantly reduce
symptoms and conditions associated with mild-to-moderate OSA, such
as lowering Apnea Hypopnea Index scores. Vivos also markets and
distributes SleepImage diagnostic technology under its VivoScore
program for home sleep testing in adults and children. The Vivos
Integrated Practice (VIP) program offers dentists training and
other value-added services in connection with using The Vivos
Method.
Cautionary Note Regarding Forward-Looking
Statements
This press release and statements of the
Company’s management made in connection therewith contain
“forward-looking statements” (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future
events, particularly with respect to the private placement offering
described herein. Words such as “may”, “should”, “expects”,
“projects,” “intends”, “plans”, “believes”, “anticipates”, “hopes”,
“estimates” and variations of such words and similar expressions
are intended to identify forward-looking statements. These
statements involve known and unknown risks and are based upon
several assumptions and estimates, which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond Vivos’ control. Actual results (including, without
limitation, the impact on the Company of the private placement and
whether the warrants issued in the private placement are ever
exercised) may differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited to, the
risk factors described in Vivos’ filings with the SEC. Vivos’
filings can be obtained free of charge on the SEC's website at
www.sec.gov. Except to the extent required by law, Vivos expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Vivos' expectations with respect
thereto or any change in events, conditions, or circumstances on
which any statement is based.
Vivos Investor Relations and Media
Contact:Julie GannonInvestor Relations
Officer720-442-8113jgannon@vivoslife.com
Vivos Therapeutics (NASDAQ:VVOS)
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