NVIV - InVivo Therapeutics dips 24% on $9M direct and private placement offerings
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InVivo Therapeutics ( NASDAQ: NVIV ) entered agreement with a single healthcare-focused institutional investor for the sale and issuance of 523,810 shares.
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Concurrently entered into a definitive agreement with the investor in the registered direct offering for the sale and issuance of ~1.19M shares in a private placement priced at-the-market under Nasdaq rules.
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In addition, the company has agreed to issue to the investor in the offerings unregistered preferred investment options to purchase up to an aggregate of 1.71M shares. The preferred investment options have an exercise price of $5.05 per share, will be immediately exercisable upon issuance, and will expire 5.5 years from the date of issuance.
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The combined purchase price for one share of common stock and the associated preferred investment option is $5.25.
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Gross proceeds are expected to be ~$9M.
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Net proceeds primarily for working capital and general corporate purposes, which may include activities in furtherance of potential commercialization of its investigational Neuro-Spinal Scaffold device, such as regulatory submissions and manufacturing matters, as well as for business development purposes.
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Closing is expected to occur on or about October 11, 2022.
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Stock tumbles 24% pre-market
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InVivo Therapeutics dips 24% on $9M direct and private placement offerings