KORU Medical Commences Public Offering of Common Stock
19 June 2020 - 6:02AM
Business Wire
Repro Med Systems, Inc. d/b/a KORU Medical Systems (Nasdaq:
KRMD) (“KORU Medical”) today announced that it has commenced an
underwritten public offering of the sale of its shares of common
stock. In connection with this offering, KORU Medical intends to
grant the underwriters a 30-day option to purchase up to an
additional 15% of the shares of common stock sold in the public
offering. All of the shares are being offered by KORU Medical.
Piper Sandler & Co. and Canaccord Genuity LLC are acting as
joint bookrunning managers for the offering. Craig-Hallum Capital
Group LLC is acting as lead manager. The offering is subject to
market conditions, and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
KORU Medical currently intends to use the net proceeds from this
offering primarily for general corporate purposes and working
capital. General corporate purposes may include commercial
expansion (including by acquisition), clinical trials and
pharmaceutical initiatives, gross margin enhancement and new
product innovations, as well as other uses.
The offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-238242) previously
filed with and declared effective by the Securities and Exchange
Commission (“SEC”). A preliminary prospectus supplement and
accompanying base prospectus describing the terms of the proposed
offering will be filed with the SEC and will be available on the
SEC’s website at http://www.sec.gov. Electronic copies of the
preliminary prospectus may also be obtained, when available, by
contacting Piper Sandler & Co., Attention: Prospectus
Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by
email at prospectus@psc.com, or by phone at (800) 747-3924; or from
Canaccord Genuity LLC, Attention: Syndicate Department, 99 High
Street, 12th Floor, Boston, MA 02110, or by telephone at (617)
371-3900, or by email at prospectus@cgf.com. Before investing in
this offering, interested parties should read in their entirety the
prospectus supplement and the accompanying prospectus and the other
documents that KORU Medical has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about KORU
Medical and such offering.
This press release shall not constitute an offer to sell nor the
solicitation of an offer to buy, nor shall there be any sale of
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 KORU Medical Systems
KORU Medical Systems develops, manufactures, and commercializes
innovative and easy-to-use specialty infusion solutions that
improve quality of life for patients around the world. The FREEDOM
Syringe Infusion System currently includes the FREEDOM60® and
FreedomEdge® Syringe Infusion Drivers, Precision Flow Rate Tubing™
and HIgH-Flo Subcutaneous Safety Needle Sets™. These devices are
used for infusions administered in the home and alternate care
settings. For more information, please visit www.korumedical.com.
Forward Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
on our current expectations and projections about future events. In
some cases, forward-looking statements can be identified by
terminology such as “may,” “should,” “potential,” “continue,”
“expects,” “anticipates,” “intends,” “plans,” “believes,”
“estimates,” and similar expressions. These statements are based
upon current beliefs, expectation, and assumptions and include, but
are not limited to, statements about KORU Medical’s expectations
regarding its capital raising efforts, including the commencement
of the public offering, the actual size or terms of the offering,
the underwriters’ exercise of their option to purchase additional
shares and KORU Medical’s intended use of proceeds. These
statements are subject to a number of risks and uncertainties, many
of which are difficult to predict, including market conditions,
whether the proposed offering is completed, the success of KORU
Medical’s plans, and the other factors described in KORU Medical’s
filings with the SEC. The information in this release is provided
only as of the date of this release, and KORU Medical undertakes no
obligation to update any forward-looking statements contained in
this release based on new information, future events, or otherwise,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200618005911/en/
Contact for Investors: The Equity Group Inc. Devin
Sullivan Senior Vice President 212-836-9608
dsullivan@equityny.com
Kalle Ahl, CFA Vice President 212-836-9614 kahl@equityny.com
KORU Medical Systems (NASDAQ:KRMD)
Historical Stock Chart
From Apr 2024 to May 2024
KORU Medical Systems (NASDAQ:KRMD)
Historical Stock Chart
From May 2023 to May 2024