In a recent securities exchange agreement, NanoVibronix, Inc., a company specializing in orthopedic and surgical appliances, has entered into a transaction with an institutional investor. On Monday, the company agreed to issue new shares and warrants in exchange for an outstanding warrant held by the investor.
The Tyler, Texas-based company, listed on the Nasdaq Capital Market under the ticker NAOV, will issue 456,478 shares of common stock and warrants that could potentially allow the investor to acquire an additional 3,703,633 shares. The exchange is in return for a Series A-1 warrant previously held by the investor, which allowed for the purchase of up to 2,906,977 shares at $1.47 each.
The new warrants, consisting of a warrant to purchase up to 1,744,186 shares and a pre-funded warrant for up to 1,959,447 shares, come with an exercise price of $0.62088 per share. These warrants are subject to stockholder approval in accordance with Nasdaq rules and are exercisable for five and a half years following such approval.
NanoVibronix has stated that the issuance of these securities is in compliance with Section 3(a)(9) of the Securities Act of 1933, as amended, which exempts transactions involving the exchange of securities with existing security holders from registration requirements.
The news above is based on an SEC filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.