Augmedix Announces Pricing of Upsized Public Offering of 6,250,000 Shares of Common Stock
16 November 2023 - 4:15PM
Augmedix, Inc. (Nasdaq: AUGX) (“Augmedix”), a healthcare technology
company that delivers industry-leading ambient medical
documentation and data solutions, today announced that it has
priced the previously-announced underwritten public offering of
6,250,000 shares of its common stock, at a public offering price of
$4.00 per share. The offering was upsized from 5,500,000 shares of
common stock. The gross proceeds to Augmedix from this offering are
expected to be $25 million, before deducting the underwriting
discounts and commissions and other estimated offering expenses
payable by Augmedix. In addition, Augmedix granted the underwriters
a 30-day option to purchase an additional 937,500 shares of its
common stock. All of the shares to be sold in the proposed offering
will be sold by Augmedix. The offering is expected to close on or
about November 20, 2023, subject to satisfaction of customary
closing conditions.
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, 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 relating to and
describing the terms of the offering was filed with the SEC and is
available on the SEC’s website at http://www.sec.gov. A final
prospectus supplement and the 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 final
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: 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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