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AUSTIN - Aspira Women’s Health Inc. (OTCQB:AWHL) has secured $3.06 million in equity capital from existing and new investors, the women’s health diagnostics company announced Thursday. The company, currently valued at approximately $15 million, has been experiencing significant cash burn according to InvestingPro analysis, making this capital raise crucial for operations.
The financing includes a $2.95 million private placement of units consisting of common stock and warrants, plus an additional $112,500 from the exercise of previously issued warrants. The company sold units at $0.45 each, with each unit comprising one common share and 75% of one warrant. InvestingPro data shows the stock is currently trading below its Fair Value, despite showing impressive momentum with a 254% return over the past six months.
The transaction resulted in the issuance of 6,550,000 additional common shares and 4,912,500 new warrants. Each warrant entitles the holder to purchase one share of common stock at $0.75 per share over a five-year term.
Several members of Aspira’s Board of Directors participated in the private placement. The company stated that proceeds will support ongoing commercial activities, general corporate purposes, and working capital.
"During the investor due diligence process, we articulated our business plans for our existing commercial portfolio of revenue generating products, as well as our anticipated innovations," said Jack Fraser, Chairman of Aspira, in the press release.
Aspira Women’s Health develops AI-enhanced diagnostic tests for gynecologic diseases. Its current product portfolio includes OvaWatch and Ova1Plus, blood tests designed to assess ovarian cancer risk in women with adnexal masses. The company is also developing tests for endometriosis. With annual revenue of $9.29 million and analysts forecasting significant sales growth, detailed analysis of Aspira’s potential is available in the comprehensive Pro Research Report on InvestingPro, along with 10+ additional ProTips and key metrics.
The securities sold in the private placement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.
In other recent news, Aspira Women’s Health has made significant changes to its leadership team. The company announced the appointment of Brian Hungerford as the new chief financial officer and principal accounting officer. Hungerford, who has over 20 years of experience in various industries, previously held the CFO position at Kiromic Biopharma, Inc. This appointment follows a Master Service Agreement and Statement of Work approved by the board of directors. Additionally, Aspira Women’s Health has welcomed Jane Pine Wood to its board of directors. Wood, an attorney with more than 38 years of experience, has been involved with laboratories and healthcare providers throughout her career. She is currently with McDonald Hopkins, LLC, where she has served as a partner and board member. These appointments reflect Aspira Women’s Health’s ongoing efforts to strengthen its leadership team.
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