Wearable Devices announces $10M standby equity purchase agreement - TipRanks.com
Summary
Wearable Devices has entered into a Standby Equity Purchase Agreement, with YA II PN. The purchase price of the ordinary shares sold to YA will be at a 3% discount of the lowest daily volume weighted average price of the Companys ordinary shares during the three consecutive trading day period commencing on the trading day of the delivery of an advance notice by the Company. The Company requested, and has received, an initial pre-paid advance of $2 million in connection with the execution of the SEPA. The Company will have the sole right in its discretion to sell shares to YA from time to time by issuing advance notices to YA following the effectiveness of a registration statement with the Securities and Exchange Commission registering the ordinary shares issuable pursuant to the SEPA and the satisfaction of other customary conditions. The Company intends to use the proceeds from the potential offering of the ordinary shares pursuant to the SEPA for working capital and other general corporate purposes, and to repay any pre-paid advances.