Vivos Therapeutics, Inc. (NASDAQ: VVOS) saw its stock fall over itself Thursday. The company, a medical technology company focused on developing innovative treatments for patients suffering from dentofacial abnormalities and/or mild-to-moderate obstructive sleep apnea (OSA) and snoring in adults, today announced that it has entered into a definitive agreement with a single institutional investor to raise approximately $8 million in a private placement offering at a price of $1.20 per unit.
Each unit consists of one share of common stock (or a pre-funded warrant to purchase one share of common stock) and one warrant exercisable for one share common stock at a price of $1.20 per share for a period of five years and 6 months from closing. No actual units will be issued in the offering.
After the placement agent fees and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $7.5 million. The offering is expected to close on January 9, subject to customary closing conditions.
Vivos is a medical technology company focused on developing and commercializing innovative diagnostic and treatment methods for patients suffering from breathing and sleep issues arising from certain dentofacial abnormalities such as mild-to-moderate obstructive sleep apnea (OSA) and snoring in adult. Its stock declined 39 cents, or 20.7%, to $1.49 first thing Thursday.
