PERTH, Australia, Nov. 23, 2021 /PRNewswire/ -- Advanced Human
Imaging Limited (ASX:AHI) (NASDAQ:AHI) ("AHI" or the "Company") is
pleased to announce the closing of its previously announced U.S.
initial public offering of 1,000,000 units at a price to the public
of US$10.50 per unit. Each unit
issued in the offering consisted of two American Depositary Shares
("ADSs") and one warrant to purchase one ADS. Each ADS offered
represented 7 ordinary shares of AHI. The warrants were exercisable
immediately, expire three years from the date of issuance and have
an exercise price of US$5.52 per
The ADSs and warrants were immediately separable and were issued
separately (representing a price of $5.24 per ADS and $0.02 per Warrant).
In addition, AHI granted to Maxim Group LLC a 45-day option to
purchase up to an additional 300,000 ADSs and/or up to an
additional 150,000 warrants to purchase up to 150,000 ADSs, at the
public offering price less underwriting discounts, of which Maxim
Group LLC has partially exercised its option to purchase such
150,000 warrants to purchase up to 150,000 ADSs. Gross proceeds
from the offering, before deducting underwriting discounts and
commissions and other estimated offering expenses, were
US$10.5 million, inclusive of the
The ADSs began trading separately on the Nasdaq Capital Market
on November 19, 2021, under the
symbol "AHI". The warrants were not listed for trading.
We plan to use the net proceeds we received from this offering
primarily for research and product development of our current
products and business development and marketing, with the remainder
of the proceeds to be used for general corporate purposes,
including, without limitation, investing in or acquiring companies
that are synergistic with or complimentary to our technologies and
Maxim Group LLC acted as sole book-running manager for the
The offering was conducted pursuant to the Company's
registration statement on Form F-1 (File No. 333-259090), as
amended, previously filed with, and subsequently declared effective
by, the Securities and Exchange Commission ("SEC") on November 18, 2021. A final prospectus relating to
the offering was filed with the SEC and is available on the SEC's
website at http://www.sec.gov. Electronic copies of the final
prospectus relating to this offering may be obtained from Maxim
Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Advanced Human Imaging:
AHI has developed and patented a proprietary dimensioning
technology that enables its users to check, track, and assess their
dimensions in conjunction with known health risk indicators using
only a smartphone both privately and accurately.
Our goal is to assist our partners by empowering their consumers
with this capability. This in return gives our partners the ability
to assess, assist, and communicate outcomes with their consumers
when navigating day to day life. Whether this is a personal journey
to better health, understanding the risk associated with their
physical condition, tracking the changes they are experiencing
through training, dieting, or under medical regimes, or simply
wanting to be correctly sized for a garment when shopping online.
The AHI technology delivers this seamlessly, privately, and
cost-effectively in under one minute.
AHI has developed this capability by leveraging the power of
Computer Vision, Machine Learning, and patented algorithms, to
process the images and assessments on secure, enterprise-level
infrastructure, delivering an end–to–end experience that is
unrivalled in the industry. AHI simplifies the collection of
measurements and removes the human error present in traditional
Forward Looking Statements
This press release contains certain forward-looking statements,
including those relating to the regarding the use of proceeds and
other statements that are predictive in nature. Forward-looking
statements are based on the Company's current expectations and
assumptions. The Private Securities Litigation Reform Act of 1995
provides a safe-harbor for forward-looking statements. These
statements may be identified by the use of forward-looking
expressions, including, but not limited to, 'expect,' 'anticipate,'
'intend,' 'plan,' 'believe,' 'estimate,' 'potential,' 'predict,'
'project,' 'should,' 'would' and similar expressions and the
negatives of those terms. Prospective investors are cautioned not
to place undue reliance on such forward-looking statements, which
speak only as of the date of this presentation. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise. Important factors that could cause actual results to
differ materially from those in the forward-looking statements are
set forth in the Company's filings with the Securities and Exchange
Commission, including its registration statement on Form F-1, as
amended from time to time, under the caption 'Risk Factors.'
For more information please visit:
For more information contact:
View original content to download
SOURCE Advanced Human Imaging