Picard Medical Prices 16.7M-Share and Warrant Offering for $5M
Picard Medical priced a “reasonable best efforts” offering of 16.7 million common shares and 33.3 million warrants at $0.30 per unit, targeting $5 million gross proceeds and closing on May 6. The company will deploy net proceeds for working capital, note redemptions and exchange 7 million old warrants for 10 million new $0.35 exercise price warrants.
1. Offering Pricing and Structure
Picard Medical launched a “reasonable best efforts” offering of 16,666,667 common shares, each paired with Series A and Series B warrants, at $0.30 per share and accompanying warrants. The gross proceeds are expected to total approximately $5 million before fees, with closing slated for May 6, subject to customary conditions.
2. Warrant Terms and Exchange
Series A and B warrants each cover 16,666,667 shares with a $0.35 exercise price; Series A warrants expire five years from issuance and Series B warrants expire in 24 months. The company is also exchanging 7,009,346 existing warrants at $2.675 for 10,000,000 new warrants at $0.35, removing forced exercise and broad-based anti-dilution provisions.
3. Use of Proceeds
Net proceeds will fund working capital, repay redemption payments on a senior secured note and cover working capital loans. The financing strengthens Picard’s balance sheet and supports ongoing development and commercialization of its SynCardia Total Artificial Heart technology.