CHF Solutions, Inc. Announces Pricing of $18.0 Million Underwritten Public Offering
November 22 2017 - 8:30AM
CHF Solutions, Inc. (NASDAQ:CHFS) announced today the pricing
of an underwritten public offering of Series F convertible
preferred stock, together with warrants, for gross proceeds of
$18.0 million, prior to deducting underwriting discounts and
commissions and offering expenses payable by CHF Solutions.
The Series F preferred stock is convertible into shares of the
company’s common stock at a conversion price of $4.50 per
share. Each share of Series F preferred stock will be
accompanied by a Series 1 warrant, which expires on the first
anniversary of its issuance, to purchase 223 shares of the
company’s common stock at an exercise price of $4.50 per share, and
a Series 2 warrant, which expires on the seventh anniversary of its
issuance, to purchase 223 shares of the company’s common stock at
an exercise price of $4.50 per share.
The Series F preferred stock and the warrants are immediately
separable and will be issued separately. The closing of the
offering is expected to take place on or about November 27, 2017,
subject to the satisfaction or waiver of customary closing
conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE MKT:LTS), acted as sole
book-running manager in connection with the offering.
A total of 18,000 shares of Series F preferred stock convertible
into approximately 4 million shares of common stock, and warrants
to purchase approximately 8 million shares of common stock will be
issued in the offering.
The securities were offered pursuant to a registration statement
on Form S-1 (File No. 333-221010), which was declared effective by
the United States Securities and Exchange Commission (“SEC”) on
November 21, 2017 and an additional registration statement filed
pursuant to Rule 462(b), which became effective when filed.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. A
final prospectus relating to this offering will be filed by CHF
Solutions with the SEC. When available, copies of the final
prospectus can be obtained at the SEC’s website at www.sec.gov or
from Ladenburg Thalmann & Co. Inc., Prospectus Department, 277
Park Avenue, 26th Floor, New York, New York 10172, by calling (212)
409-2000.
About CHF Solutions
CHF Solutions, Inc. (NASDAQ:CHFS) is a medical device company
focused on commercializing the Aquadex FlexFlow system for
Aquapheresis® therapy. The Aquadex FlexFlow system, is indicated
for temporary (up to eight hours) ultrafiltration treatment of
patients with fluid overload who have failed diuretic therapy, and
extended (longer than 8 hours) ultrafiltration treatment of
patients with fluid overload who have failed diuretic therapy and
require hospitalization. All treatments must be administered by a
healthcare provider, under physician prescription, both of whom
having received training in extracorporeal therapies. The company's
objective is to improve the quality of life for patients with heart
failure and related conditions. CHF Solutions is a Delaware
corporation headquartered in Minneapolis, Minnesota with wholly
owned subsidiaries in Australia and Ireland. The company has been
listed on the NASDAQ Capital Market since February 2012.
For further information, please contact:
Claudia Napal Drayton
Chief Financial Officer
CHF Solutions, Inc.
T: +1-952-345-4205
Investor Relations
CHF Solutions, Inc.
ir@chf-solutions.com
-or-
Bret Shapiro
CORE IR
516 222 2560
brets@coreir.com
www.coreir.com
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