MedAvail Announces Closing of $16 Million Private Placement

MedAvail received gross proceeds from the Offering of approximately $16 million, before deducting offering expenses.The Company intends to use the net proceeds from this offering to fund one-time costs associated with the previously announced restructuring, repay outstanding debt, and finance MedAvails growth initiatives within its MedCenter technology business.The issuance of the Series A Warrants (including the underlying shares of common stock) and the portion of the Pre-Funded Warrants in excess of 19.99% of the shares of Common Stock outstanding prior to the Offering are subject to approval by the stockholders of MedAvail.The securities to be sold in the Offering, including the shares of Common Stock underlying the Pre-Funded Warrants and the Series A Warrants, have not been registered under the Securities Act of 1933, as amended (the Securities Act), or any state or other applicable jurisdictions securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions securities laws. Pursuant to a registration rights agreement entered into on March 9, 2023 with the investors, MedAvail has agreed to file registration statements with the U.S. Securities and Exchange Commission registering the resale of the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants and the Series A Warrants. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "project," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to our ability to successfully achieve the benefits of a pharmacy technology only business and the efficiencies related to a restructuring and reorganization, and risks relating to our ability to successfully consummate potential strategic, financing and restructuring transactions, as well as other risks discussed under the heading "Risk Factors" in MedAvails Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (SEC) on March 29, 2022, MedAvails Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 10, 2022, and other filings MedAvail makes with the SEC in the future. While we believe that such preliminary information and estimates are based on reasonable assumptions, actual results may vary, and such variations may be material.