Marpai, Inc. Announces Proposed Public Offering of Common Stock
15 April 2023 - 7:15AM
Business Wire
Marpai, Inc. (“Marpai” or the “Company”) (Nasdaq: MRAI) a
technology company transforming the company health plan for
employers that self-fund their healthcare, today announced that it
intends to offer to sell shares of its common stock in an
underwritten public offering. All of the shares of common stock are
to be sold by the Company.
ThinkEquity is acting as the sole book-running manager for the
offering.
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.
The Company intends to use the net proceeds from the offering
for the repayment of debt relating to the Company’s acquisition of
Maestro Health (in an amount equal to not less than 35% of the
funds raised in the offering) and the remainder for general
corporate purposes.
The securities will be offered and sold pursuant to a shelf
registration statement on Form S-3 (File No. 333-269326), including
a base prospectus, filed with the U.S. Securities and Exchange
Commission (the “SEC”) on January 20, 2023 and declared effective
on January 30, 2023. The offering will be made only by means of a
written prospectus. A preliminary prospectus supplement and
accompanying prospectus describing the terms of the offering will
be filed with the SEC on its website at www.sec.gov. Copies of the
prospectus supplement and the accompanying prospectus relating to
the offering may also be obtained, when available from the offices
of ThinkEquity, 17 State Street, New York, New York 10004, by
telephone at (877) 436-3673 or by email at
prospectus@think-equity.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 the Company has filed with the SEC that are incorporated by
reference in such prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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 such state or
jurisdiction.
About Marpai, Inc.
Marpai, Inc. (Nasdaq: MRAI) is a technology company bringing
AI-powered health plan services to employers that directly pay for
employee health benefits. Primarily competing in the $22 billion
TPA (Third Party Administrator) sector serving self-funded employer
health plans representing over $1 trillion in annual claims, Marpai
maximizes the value of the health plan as measured in health
outcomes. Marpai takes a member-centric approach to connect members
to health solutions predicted to have a high probability of
positive outcomes, and aims to bring value-based care to the
self-insured market. With effective early intervention, disease
management, claims processing and proactive member outreach, Marpai
works to deliver the healthiest member population for the health
plan budget. Operating nationwide, Marpai offers access to provider
networks including Aetna and Cigna and all TPA services. For more
information, visit www.marpaihealth.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements, as that
term is defined in the Private Litigation Reform Act of 1995, that
involve significant risks and uncertainties. Forward-looking
statements can be identified through the use of words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," “guidance,” "may," "can," "could", "will",
"potential", "should," "goal" and variations of these words or
similar expressions. For example, Marpai is using forward-looking
statements when it discusses uncertainties related to market
conditions and statements regarding the timing, of the offering,
the intended use of proceeds from the offering, the satisfaction of
customary closing conditions related to the offering and sale of
securities, the grant to the underwriters of an option to purchase
additional shares and its ability to complete the offering. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which reflect Marpai's current expectations and speak
only as of the date of this release. Actual results may differ
materially from Marpai's current expectations depending upon a
number of factors. These factors include, among others, the ability
to consummate the offering and satisfy applicable closing
conditions, adverse changes in general economic and market
conditions, competitive factors including but not limited to
pricing pressures and new product introductions, uncertainty of
customer acceptance of new product offerings and market changes,
risks associated with managing the growth of the business. Except
as required by law, Marpai does not undertake any responsibility to
revise or update any forward-looking statements whether as a result
of new information, future events or otherwise.
More detailed information about Marpai and the risk factors that
may affect the realization of forward-looking statements is set
forth in Marpai's filings with the Securities and Exchange
Commission. Investors and security holders are urged to read these
documents free of charge on the SEC's web site at
http://www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20230414005459/en/
Investor Relations contact: Simon Li 813-822-3950
Simonli@marpaihealth.com
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