BioSig Announces Closing of $3 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
May 30 2024 - 4:05PM
BioSig Technologies, Inc. (NASDAQ: BSGM) (“BioSig” or the
“Company”) a medical technology company committed to delivering
unprecedented accuracy and precision to intracardiac signal
visualization, today announced the closing of its previously
announced registered direct offering priced at-the-market under
Nasdaq rules of an aggregate of 1,570,683 shares of its common
stock at a purchase price of $1.91 per share and concurrent private
placement unregistered warrants to purchase up to 1,570,683 shares
of common stock at an exercise price of $1.78 per share. The
unregistered warrants are immediately exercisable and will expire
five years from the date of issuance.
H.C. Wainwright & Co. acted as exclusive
placement agent for the offering.
The gross proceeds to the Company from the
offering were approximately $3 million, before deducting placement
agent fees and other offering expenses payable by the Company.
BioSig intends to use the net proceeds of this offering for working
capital and general corporate purposes.
The shares of common stock offered in the
registered direct offering (but excluding the unregistered warrants
or the shares of common stock underlying such unregistered
warrants) described were offered and sold by BioSig pursuant to a
shelf registration statement on Form S-3 (File No. 333-251859) that
was previously filed with the Securities and Exchange Commission
(“SEC”) on December 31, 2020, and subsequently declared effective
on January 12, 2021. The offering of the shares of common stock
were made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying base prospectus
relating to, and describing the terms of, the registered direct
offering were filed with the SEC and are available on the SEC's
website at www.sec.gov. Electronic copies of the final prospectus
supplement and the accompanying base prospectus relating to the
registered direct offering may also be obtained by contacting H.C.
Wainwright & Co., LLC, at 430 Park Ave., New York, New York
10022, by telephone at (212) 856-5711, or by email at
placements@hcwco.com.
The offer and sale of the unregistered warrants
issued in the concurrent private placement were made in a
transaction not involving a public offering and have not been
registered under Section 4(a)(2) of the Securities Act of 1933, as
amended (the “Securities Act”) and/or Rule 506(b) of Regulation D
promulgated thereunder and, along with the shares of common stock
underlying such unregistered warrants, have not been registered
under the Securities Act or applicable state securities laws.
Accordingly, the unregistered warrants and the underlying shares of
common stock may not be reoffered or resold in the United States
except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the
Securities Act and such applicable state securities laws.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this
offering, 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 the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About BioSig Technologies, Inc.
BioSig Technologies is a medical technology
company focused on deciphering the body’s electrical signals,
starting with heart rhythms. By leveraging a first of its kind
combination of hardware and software, we deliver unprecedented
cardiac signal clarity, ending the reliance on ‘mixed signals’ and
‘reading between the lines.’ Our platform technology is addressing
some of healthcare’s biggest challenges—saving time, saving costs,
and saving lives.
The Company’s product, the PURE EP™ Platform, an
FDA 510(k) cleared non-invasive class II device, provides superior,
real-time signal visualization allowing physicians to perform
highly targeted cardiac ablation procedures with increased
procedural efficiency and efficacy.
Forward-looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements may be preceded by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. Such statements include, but are not
limited to, statements related to the intended use of proceeds from
the offering. Forward-looking statements are not guarantees of
future performance, are based on certain assumptions, and are
subject to various known and unknown risks and uncertainties, many
of which are beyond the Company's control, and cannot be predicted
or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without
limitation, risks and uncertainties associated with (i) BioSig’s
ability to regain compliance with and meet the continued listing
requirements of the Nasdaq Capital Market to maintain listing of
its common stock; (ii) our cost reduction plan and associated
workforce reduction or other cost-saving measures not reaching the
targeted reduction of cash burn by 50%; (iii) the geographic,
social, and economic impact of pandemics or worldwide health issues
on BioSig’s ability to conduct its business and raise capital in
the future when needed; (iv) BioSig’s inability to manufacture its
products and product candidates on a commercial scale on its own,
or in collaboration with third parties; (v) difficulties in
obtaining financing on commercially reasonable terms; (vi) changes
in the size and nature of BioSig’s competition; (vii) loss of one
or more key executives or scientists; (viii) difficulties in
securing regulatory approval to market BioSig’s products and
product candidates; and (ix) market and other conditions. For a
discussion of other risks and uncertainties, and other important
factors, any of which could cause BioSig’s actual results to differ
from those contained in forward-looking statements, see BioSig’s
filings with the Securities and Exchange Commission (“SEC”),
including the section titled “Risk Factors” in BioSig’s Annual
Report on Form 10-K, filed with the SEC on April 16, 2024.
Investors and security holders are urged to read these documents
free of charge on the SEC's website at http://www.sec.gov. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise, except as required by law.
Todd Adler
BioSig Technologies, Inc.
Investor Relations
55 Greens Farms Rd
Westport, CT 06880
tadler@biosigtech.com
203-409-5444 ext. 104
Or
Anthony Amato, Chief Executive Officer
aamato@biosigtech.com
203-409-5444 ext. 102
BioSig Technologies (NASDAQ:BSGM)
Historical Stock Chart
From Jun 2024 to Jul 2024
BioSig Technologies (NASDAQ:BSGM)
Historical Stock Chart
From Jul 2023 to Jul 2024