SpineGuard closed a private placement and launched a public offering.
Here are eight things to know:
1. SpineGuard closed a private placement capital increase that will enable the company to continue accelerating sales growth.
2. The private placement was with institutional investors and the price per share was given at a 13 percent discount to SpineGuard's average share price in the 60 trading sessions before the price was set.
3. The placement meant 310,600 new shares were issued, 7 percent of the existing shares. The settlement date is June 5.
4. SpineGuard launched a public offering that is partially eligible for French TEPA act provisions.
5. This second capital raise was launched without preferential subscription rights or priority subscription period via a public offering.
6. The company's founders, investors, independent directors and certain managers already committed to participating in the public offering, representing a maximum of 360,000 new shares excluding the extension clause. This is 7.5 percent of existing shares after private placement.
7. Depending on demand, the initial share amount could be increased by 15 percent at the company's discretion. This would be a maximum of 54,000 new shares.
8. If the capital increase does not reach 75 percent of the public offering, the company indicates that it will be able to fulfill the financing of its strategy considering the available cash and equity line and the subscription by the company's founders, investors, independent directors and certain managers will be made effective.
"Our growth strategy is clear: complete the development of 'smart screws ' with our partners, start marketing them quickly and continue expanding the scope of our DSG technology platform to make it an undisputed standard of care," said CEO and co-founder of SpineGuard Pierre Jerome.