CHF Solutions, Inc. Announces Closing of $14.37 Million Underwritten Public Offering and Full Exercise of Over-Allotment Opti...
August 21 2020 - 4:15PM
CHF Solutions, Inc. (NASDAQ:CHFS) today announced the closing of an
underwritten public offering of units for gross proceeds of
approximately $14.37 million, which includes the full exercise of
the underwriter's over-allotment option to purchase additional
shares and warrants, prior to deducting underwriting discounts and
commissions and offering expenses payable by CHF Solutions.
The offering is comprised of Units, priced at a public offering
price of $0.45 per unit, with each unit consisting of one share of
common stock and a warrant to purchase one share of common stock at
an exercise price of $0.45 per share that expires on the fifth
anniversary of the date of issuance.
The securities comprising the units are immediately separable
and were issued separately.
Ladenburg Thalmann & Co. Inc. is acting as sole book-running
manager. Maxim Group LLC is acting as co-manager in
connection with the offering.
A total of 31,940,324 shares of common stock and warrants to
purchase up to 31,940,324 shares of common stock were issued in the
offering, including the full exercise of the over-allotment
option.
The securities were offered pursuant to a registration statement
on Form S-1 (File No. 333-241454), which was declared effective by
the United States Securities and Exchange Commission (“SEC”) on
August 18, 2020.
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 was filed by CHF
Solutions with the SEC. 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 or by email at
prospectus@ladenburg.com
About CHF Solutions
CHF Solutions, Inc. (CHFS) is a medical device company dedicated
to changing the lives of patients suffering from fluid overload
through science, collaboration, and innovation. The company is
focused on developing, manufacturing and commercializing the
Aquadex SmartFlow™ system for ultrafiltration therapy. CHF
Solutions is headquartered in Minneapolis, Minn., with wholly-owned
subsidiaries in Australia and Ireland. The company has been listed
on the Nasdaq Capital Market since February 2012.
About Aquadex SmartFlow System
The Aquadex SmartFlow system delivers clinically proven therapy
using a simple, flexible and smart method of removing excess fluid
from patients suffering from hypervolemia (fluid overload). The
Aquadex SmartFlow system is indicated for temporary (up to 8 hours)
or extended (longer than 8 hours in patients who require
hospitalization) use in adult and pediatric patients weighing 20 kg
or more whose fluid overload is unresponsive to medical management,
including diuretics. All treatments must be administered by a
health care provider, within an outpatient or inpatient clinical
setting, under physician prescription, both having received
training in extracorporeal therapies.
Forward-Looking Statements
Certain statements in this release may be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including without
limitation, statements about the closing of the offering of
securities. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this release, including, without limitation, those
risk associated with our expectations regarding the potential
impacts of the COVID-19 pandemic on our business operations, our
ability to execute on our commercial strategy, the possibility that
we may be unable to raise sufficient funds necessary for our
anticipated operations, our post-market clinical data collection
activities, benefits of our products to patients, our expectations
with respect to product development and commercialization efforts,
our ability to increase market and physician acceptance of our
products, potentially competitive product offerings, intellectual
property protection, our ability to integrate acquired businesses,
our expectations regarding anticipated synergies with and benefits
from acquired businesses, and other risks and uncertainties
described in our filings with the SEC. Forward-looking statements
speak only as of the date when made. CHF Solutions does not assume
any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACTS
INVESTORS:
Claudia Napal Drayton
Chief Financial Officer, CHF Solutions, Inc.
952-345-4205
ir@chf-solutions.com
MEDIA:
Jessica Stebing
Health+Commerce
260-336-6202
jstebing@healthandcommerce.com
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