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Ekso Bionics Holdings, Inc. (OTCQB:EKSO), a global robotic exoskeleton company, has today that it entered into a definitive agreement with certain healthcare focused institutional investors for the sale of 15,000 shares of Series A Convertible Preferred Stock and warrants to purchase 14,851,486 shares of the Company’s common stock. The gross proceeds to the Company from this offering are $15 million.
The Company intends to use the net proceeds from this offering for investments in clinical, sales and marketing initiatives to accelerate adoption of the Ekso exoskeleton in the rehabilitation market, for research, development and commercialization activities with respect to an Ekso robotic exoskeleton for home use, for the development and commercialization of able-bodied exoskeletons for industrial use and for other general corporate purposes.
The Series A Convertible Preferred Stock is convertible into a total of 14,851,486 shares of common stock at an initial conversion price of $1.01 per share. The warrants have an exercise price of $1.25 per share, subject to adjustment as provided in the warrants, and are exercisable for 5 years from the closing date. The Series A Convertible Preferred Stock includes a beneficial ownership blocker but has no dividend rights (except to the extent dividends are also paid on the common stock) or liquidation preference.
The securities are being sold in units, with each unit consisting of one share of Series A Convertible Preferred Stock and a warrant to purchase up to 990.1 shares of the Company’s common stock. The securities comprising the units are immediately separable and will be issued separately.
The closing of the offering is expected to take place on or about December 28, 2015, subject to the satisfaction of customary closing conditions.
Ladenburg Thalmann acted as the sole lead placement agent in connection with the offering. Trout Capital LLC served as co-placement agent in connection with the offering.
