MoSys Announces Pricing of $11.1 Million Public Offering
October 02 2018 - 9:01AM
MoSys, Inc. (NASDAQ: MOSY) today announced the pricing of a
public offering with anticipated gross proceeds of approximately
$11.1 million, before repaying indebtedness and deducting placement
agent fees and other offering expenses. The securities offered by
the Company include a combined total of 36.9 million units, which
consist of (i) Common Units, at a price to the public of $0.30 per
unit, consisting of one share of the Company’s common stock and a
warrant to purchase one share of common stock, and (ii) Pre-Funded
Units, at a price to the public of $0.30 per unit, consisting of
one pre-funded warrant to purchase one share of common stock, and a
warrant to purchase one share of common stock. The common
stock warrants will have an exercise price of $0.30 (subject to
adjustment in the event of recapitalization events, stock
dividends, stock splits, stock combinations, certain dilutive
issuances, reclassifications, reorganizations or similar events),
will be exercisable upon issuance and will expire five years from
the date of issuance.
The offering is expected to close on or about
October 4, 2018, subject to customary closing conditions. The
Company expects the net proceeds from the offering to be
approximately $2.8 million, after the repayment of indebtedness and
payment of placement agent fees and other offering expenses. The
net proceeds of the offering will be used for working capital and
general corporate purposes. After the $7.4 million repayment of
indebtedness, the balance of the Company’s senior secured
convertible notes will be $2.6 million, which will be due in August
2023.
Roth Capital Partners is acting as the lead
placement agent for the offering, and The Benchmark Company is
acting as a co-placement agent for the offering on a “best efforts”
basis.
A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission (the “SEC”) on Form S-1 (File No. 333-225193) and was
declared effective on October 1, 2018. This offering is being made
only by means of a preliminary prospectus, which was previously
filed with the SEC and is available on the SEC’s website at
http://www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. Once filed, copies of the final prospectus relating
to this offering may be obtained from Roth Capital Partners, 888
San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800)
678-9147 or by accessing the SEC’s website, www.sec.gov.
Safe
Harbor/Forward-Looking
Statements This press release contains
forward-looking statements regarding the offering and the intended
use of proceeds. Forward-looking statements are based on certain
assumptions and expectations of future events that are subject to
risks and uncertainties. Actual results and trends may differ
materially from those projected in any such forward-looking
statements depending on a variety of factors, including market
conditions, risks associated with the cash requirements of the
company's business and other risks identified in the Company's most
recent reports on Form 10-Q and Form 10-K filed with the SEC,
as well as other reports that MoSys files from time to
time with the SEC. MoSys undertakes no obligation to
update publicly any forward-looking statement for any reason,
except as required by law, even as new information becomes
available or other events occur in the future.
About MoSys, Inc.MoSys, Inc.
(NASDAQ: MOSY) is a provider of semiconductor solutions that enable
fast, intelligent data access for cloud networking, security, test
and video systems. More information is available at
www.mosys.com.
MoSys is a registered trademark
of MoSys, Inc. in the United States and/or other
countries. The MoSys logo is a trademark of MoSys,
Inc. All other marks mentioned herein are the property of
their respective owners.
Contact:Jim Sullivan, CFOMoSys,
Inc.+1 (408) 418-7500jsullivan@mosys.com
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