2023-09-07 02:37:54 ET
Profound Medical ( NASDAQ: PROF ) announced an at-the-market equity program that allows the company, through certain securities dealers acting as agents, to issue and sell from time to time up to $30M of shares.
The timing and extent of the use of the ATM program will be at the discretion of the company.
Gross proceeds from equity offerings under the ATM program could be significantly less than $30M.
The company intends to use the net proceeds, if any, (i) to fund the continued commercialization of the TULSA-PRO system in the US, (ii) to fund the continued development and commercialization of the TULSA-PRO system and the Sonalleve system globally, and (iii) for working capital and general corporate purposes.
The stock price is down 0.4% on Wednesday during late hours of trading.
More on Profound Medical
- Seeking Alpha’s Quant Rating on Profound Medical
- Financial information for Profound Medical
- Profound Medical: TULSA-PRO Now Selling, Recurring Revenues Up 43%
For further details see:
Profound Medical announces $30M equity offering