ProPhase Labs, Inc. Announces Closing of Public Offering
January 21 2021 - 4:30PM
ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science
and technology company, today announced the closing of its
previously announced public offering of 3,000,000 shares of its
common stock at a public offering price of $12.50 per share, for
gross proceeds of $37,500,000, before deducting underwriting
discounts and commissions and offering expenses. In addition,
ProPhase Labs, Inc. has granted the underwriters a 30-day option to
purchase up to an additional 450,000 shares of common stock to
cover over-allotments, if any, at the public offering price, less
underwriting discounts and commissions.
The Company intends to use the proceeds from the
offering for working capital and other general corporate
purposes.
ThinkEquity, a division of Fordham Financial
Management, Inc., acted as sole book-running manager for the
offering. Dawson James Securities, Inc. acted as co-manager for the
offering.
Reed Smith LLP, New York, New York, represented
the Company in connection with the offering, and Schiff Hardin LLP,
Washington, DC, represented the underwriters.
The offering is being made pursuant to an
effective shelf registration statement that has been filed with the
U.S. Securities and Exchange Commission (the “SEC”). The final
prospectus supplement relating to the offering was filed with the
SEC on January 20, 2021. Copies of the final prospectus supplement
and the accompanying prospectus relating to the offering may be
obtained from ThinkEquity, a division of Fordham Financial
Management, Inc., 17 State Street, 22nd Floor, New York, New York
10004, by telephone at (877) 436-3673, by email at
prospectus@think-equity.com and Dawson James Securities, 101 N
Federal Highway Suite 600 Boca Raton, Florida, 33432, Attention:
Prospectus Department or by telephone at 1(866) 928-0928 or email
at syndicate@dawsonjames.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other 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 other jurisdiction.
About ProPhase Labs, Inc.
ProPhase Labs (NASDAQ: PRPH) is a diversified
medical science and technology company with deep experience with
OTC consumer healthcare products and dietary supplements. The
Company is engaged in the research, development, manufacture,
distribution, marketing and sale of OTC consumer healthcare
products and dietary supplements in the United States. This
includes the development and marketing of dietary supplements under
the TK Supplements® brand. The Company is also developing
ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”) to offer
COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular
tests. The Company also continues to actively pursue strategic
investments and acquisition opportunities for other companies,
technologies and products. For more information visit us
at www.ProPhaseLabs.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” as defined by the Private Securities Litigation Reform
Act of 1995 that involve risks and uncertainties. In some cases,
you can identify forward-looking statements by terms such as “may,”
“might,” “will,” “objective,” “intend,” “should,” “could,” “can,”
“would,” “expect,” “believe,” “design,” “estimate,” “predict,”
“potential,” “plan” or the negative of these terms and similar
expressions intended to identify forward-looking statements. These
statements include statements related to the intended use of
proceeds. ProPhase cautions readers that forward-looking statements
are based on management’s expectations and assumptions as of the
date of this news release and are subject to certain risks and
uncertainties that could cause actual results to differ materially,
including, but not limited to, risks related to the impact of
general economic, industry or political conditions in the United
States. Forward-looking statements reflect its analysis only on
their stated date, and ProPhase undertakes no obligation to update
or revise these statements except as may be required by law.
Investor ContactChris Tyson
Managing Director MZ Group - MZ North America
949-491-8235PRPH@mzgroup.uswww.mzgroup.us
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