Envue Medical signs committed equity facility for up to $50 million common stock sales
FEED•Pricing, use of proceeds and term
The purchase price is set at 90% of the lowest VWAP over the three trading days before the purchase date.
40% of net proceeds are earmarked to redeem Series X Preferred Stock until fully redeemed, with the remaining proceeds for working capital.
The facility runs through the first day of the month following 36 months from commencement, and the company can terminate it with five trading days’ notice.
Committed equity facility for up to $50 million
Envue Medical entered a committed equity facility allowing sales of up to $50 million of common stock to an institutional investor.
The company controls the timing and size of sales, subject to conditions including an effective resale registration statement for the investor.
