Monogram Technologies Upsizes 8.00% Series D Convertible Cumulative Preferred Stock and Warrant Offering to $12.5 Million
Summary
AUSTIN, TX / ACCESSWIRE / September 11, 2024 / Monogram Technologies Inc. (NASDAQ:MGRM) ("Monogram" or the "Company"), an AI-driven robotics company focused on improving human health with an initial focus on orthopedic surgery, today announced an upsize of its previously announced continuous offering of units from $10 million to $12.5 million of units. Dividends on the Series D Preferred Stock, at the Companys discretion, may be paid in cash or in kind in the form of Common Stock.The Company will use the proceeds from the offering for general corporate and business purposes, operational needs, and to fund various strategic initiatives, including among other things, new technology development and potential acquisitions.."We are pleased to be in a position to upsize the offering and further advance Monograms mission of transforming orthopedic surgeries," said Benjamin Sexson, CEO of Monogram Technologies. "The offering remains subject to customary closing conditions and the Company is expected to stop taking subscriptions at midnight PT, Thursday, September 12th.About Monogram Technologies Inc.Monogram Technologies (NASDAQ:MGRM) is an AI-driven robotics company focused on improving human health, with an initial focus on orthopedic surgery. The Company initially intends to produce and market robotic surgical equipment and related software, orthopedic implants, tissue ablation tools, navigation consumables, and other miscellaneous instrumentation necessary for reconstructive joint replacement procedures. Monogram anticipates that there may be other clinical and commercial applications for its navigated mB\xf4s precision robot and mVision navigation.Forward-Looking StatementsThis press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.