Vivos Therapeutics (VVOS) Announces Pricing of $4 Million Private Placement of Common Stock, Warrants
Summary
Vivos Therapeutics, Inc. (\xe2\x80\x9cVivos\xe2\x80\x9d or the \xe2\x80\x9cCompany\xe2\x80\x9d) (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, today announced that it has entered into a securities purchase agreement with an institutional investor for the purchase and sale of 980,393 shares of its common stock (or pre-funded warrants in lieu thereof) at a purchase price of $4.08 per share in a private placement priced at-the-market for purposes of Nasdaq rules. In addition, Vivos will issue 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 will have an exercise price of $3.83 per share and will be exercisable immediately following the date of issuance.The closing of the private placement is expected to occur on or about November 2, 2023, subject to the satisfaction of customary closing conditions. Vivos intends to use the net proceeds from the offering for general corporate purposes.A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.Vivos has also agreed as part of the private placement to amend an existing outstanding common stock purchase warrant held by the investor and issued in January 2023 to purchase up to an aggregate of 266,667 shares of common stock at an exercise price of $30.00 per share and an expiration date of July 5, 2028. Pursuant to an agreement to be entered into with the investor, the Company will agree to file a registration statement with the U.S. Securities and Exchange Commission (the \xe2\x80\x9cSEC\xe2\x80\x9d) covering the resale of the shares of common stock (including the shares of common stock underlying the warrants) to be issued to the investors no later than 20 days after the closing 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 \xe2\x80\x9cfull review\xe2\x80\x9d by the SEC.This notice is issued pursuant to Rule 135c under the Securities Act and does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.