Augmedix Announces Proposed Public Offering of 5,500,000 Shares of Common Stock
16 November 2023 - 8:02AM
Augmedix, Inc. (Nasdaq: AUGX) (“Augmedix”), a healthcare technology
company that delivers industry-leading ambient medical
documentation and data solutions, today announced that it has
commenced an underwritten public offering of 5,500,000 shares of
its common stock. Augmedix intends to grant the underwriters a
30-day option to purchase an additional 15% of the shares of its
common stock offered in the public offering. The offering is
subject to market and other conditions, and there can be no
assurances as to whether or when the offering may be completed, or
as to the actual size or terms of the offering. All of the shares
to be sold in the proposed offering will be sold by Augmedix.
Evercore ISI and William Blair are acting as the
joint bookrunning managers for the offering. B. Riley Securities is
acting as co-manager.
Augmedix currently intends to use the net
proceeds from this offering, if any, together with its existing
cash, cash equivalents and short-term investments: to fund
increased investment in sales and marketing; for research and
development and general and administrative costs as the company
increases its scale; and for working capital, capital expenditures
and general corporate purposes. A material portion of the net
proceeds shall be allocated toward the acceleration of Augmedix’s
product roadmap, which includes, but is not limited to, its
offerings for use in the emergency department care setting.
The offering is being made pursuant to a “shelf”
registration statement on Form S-3 (File No. 333-264337) that
became effective upon filing with the Securities and Exchange
Commission (“SEC”) on May 6, 2022 and the base prospectus contained
therein. A preliminary prospectus supplement and accompanying base
prospectus relating to the offering and the shares of common stock
being offered will be filed with the SEC. Before you invest, you
should read the prospectus in the registration statement, the
preliminary prospectus supplement, and other documents Augmedix has
filed with the SEC for more complete information about Augmedix and
this offering. Copies of the registration statement, the
preliminary prospectus supplement and accompanying base prospectus
may be obtained, when available, on the SEC’s website at
http://www.sec.gov or, when available, by contacting: Evercore
Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd
Street, 35th Floor, New York, New York 10055, by telephone at
888-474-0200, or by email at ecm.prospectus@evercore.com; William
Blair & Company, L.L.C., Attention: Prospectus Department, 150
North Riverside Plaza, Chicago, IL 60606, by telephone at (800)
621-0687 or by email at prospectus@williamblair.com. The final
terms of the offering will be disclosed in a final prospectus
supplement to be filed with the SEC.
This announcement is for informational purposes
only and is not an offer to sell or the solicitation of an offer to
buy any securities of Augmedix, which is made only by means of a
prospectus supplement and related base prospectus, nor will there
be any sale of these securities in any state 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 Augmedix, Inc.
Augmedix delivers industry-leading, ambient
medical documentation and data solutions to healthcare systems,
physician practices, hospitals, and telemedicine practitioners.
Augmedix is on a mission to help clinicians and
patients form a human connection by seamlessly integrating our
technology at the point of care. Augmedix’s proprietary platform
digitizes natural clinician-patient conversations, which are
converted into comprehensive medical notes and structured data in
real time. The company’s platform uses automatic speech
recognition, and natural language processing, including large
language models, to generate accurate and timely medical notes that
are transferred into the EHR.
Augmedix’s products relieve clinicians of
administrative burden, in turn, reducing burnout, increasing
clinician efficiency and improving patient access. Through
Augmedix’s proprietary platform and bi-directional communication
channel, Augmedix is ideally suited to serve as the vehicle for
change at the point of care.
Augmedix is headquartered in San Francisco, CA,
with offices around the world. To learn more, visit
www.augmedix.com.
Forward-Looking Statements
This press release contains forward-looking
statements and information, including with respect to the offering
and the intended use of the proceeds of the offering. The use of
words such as “may,” “might,” “will,” “should,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “project,” “intend,” “future,”
“potential,” or “continue,” and other similar expressions, are
intended to identify forward-looking statements. Although
Augmedix’s management believes that the expectations reflected in
such forward-looking statements are reasonable, investors are
cautioned that forward-looking information and statements are
subject to various risks and uncertainties, many of which are
difficult to predict and generally beyond the control of Augmedix,
that could cause actual results and developments to differ
materially from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include, among others: whether or not we will be able
to raise capital through the sale of shares of common stock or
consummate the offering, the final terms of the offering,
Augmedix’s ability to satisfy the closing conditions of the
offering, the timing or occurrence of the closing, prevailing
market conditions, the anticipated use of the proceeds of the
offering which could change as a result of market conditions or for
other reasons, and those other risks detailed from time to time
under the caption “Risk Factors” and elsewhere in Augmedix’s Annual
Report on Form 10-K for the year ended December 31, 2022 and in its
subsequent Quarterly Report on Forms 10-Q, and in future SEC
filings and reports of Augmedix. Augmedix undertakes no duty or
obligation to update any forward-looking statements as a result of
new information, future events or changes in its expectations or
circumstances.
Contact Information
Investors:
Matt Chesler, CFAFNK IR(646)
809-2183augx@fnkir.cominvestors@augmedix.com
Media:
Kaila GrafemanAugmedixpr@augmedix.com
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