G Medical Innovations Holdings Ltd. Announces Pricing of $15.0 Million Initial Public Offering and Nasdaq Listing
June 24 2021 - 5:53PM
G Medical Innovations Holdings Ltd. (NASDAQ:GMVD) (the "Company"),
a telehealth, medical device, and remote patient monitoring company
providing clinical-grade solutions for consumers, medical
professionals, and healthcare institutions, today announced the
pricing of an underwritten initial public offering of 3,000,000
units, each consisting of one ordinary share and one warrant to
purchase one ordinary share, at a combined public offering price of
$5.00 per unit for aggregate gross proceeds of approximately $15.0
million, prior to deducting underwriting discounts, commissions,
and other offering expenses and excluding any exercise of the
underwriters’ option to purchase any additional securities as
described herein. In addition, the Company has granted the
underwriters a 45-day option to purchase up to an additional
450,000 units at the public offering price less the underwriting
discounts and commissions. The offering is expected to close on or
about June 29, 2021, subject to satisfaction of customary closing
conditions.
The Company has received approval to list its
common stock and warrants on the Nasdaq Capital Market under the
symbols “GMVD” and “GMVDW”, respectively, with trading expected to
begin on June 25, 2021. Each warrant is exercisable for one
ordinary share at an exercise price of $6.25 per share and will
expire four years from the date of issuance.
EF Hutton, division of Benchmark Investments,
LLC, is acting as sole book-running manager for the offering.
The Securities and Exchange Commission ("SEC")
declared effective a registration statement on Form F-1 (File No.
333-253852) relating to these securities on June 24, 2021. A final
prospectus relating to this offering will be filed with the SEC.
The offering is being made only by means of a prospectus, copies of
which may be obtained, when available, from: EF Hutton, division of
Benchmark Investments, LLC, 590 Madison Avenue, 39th Floor, New
York, NY, 10022, Attention: Syndicate Department, or via email
at syndicate@efhuttongroup.com or telephone at (212)
404-7002.
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.
About G Medical Innovations Holdings
Ltd.
G Medical Innovations Holdings Ltd. is an early
commercial stage healthcare company engaged in the development of
next generation mHealth and telemedicine solutions and monitoring
service platforms. The Company’s solutions and services can empower
consumers, patients and providers to better monitor, manage and
improve clinical and personal health outcomes, especially for those
who suffer from cardiovascular disease (or CVD), pulmonary disease
and diabetes. The Company’s current product lines consist of its
Prizma medical device (or Prizma), a clinical grade device that can
transform almost any smartphone into a medical monitoring device
enabling both healthcare providers and individuals to monitor,
manage and share a wide range of vital signs and biometric
indicators; its Extended Holter Patch System, a multi-channel
patient-worn biosensor that captures electrocardiography (or ECG)
data continuously, including its QT Syndrome Prolongation Detection
Capabilities Patch. In addition, the Company is developing its
Wireless Vital Signs Monitoring System (or VSMS), which is expected
to provide full, continuous and real time monitoring of a wide
range of vital signs and biometrics. Its monitoring services
include provision of Independent Diagnostic Testing Facility (or
IDTF) monitoring services and private monitoring
services.
Forward-Looking Statements
This press release contains statements that
constitute "forward-looking statements," including with respect to
the Company's initial public offering, the expected timing of the
closing of the offering, the possible offering of additional units,
and the intended use of proceeds. No assurance can be given that
the offering will be completed on the terms described, or at all.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company's registration
statement and preliminary prospectus for the offering filed with
the SEC. Copies are available on the SEC's website, www.sec.gov.
The Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
G Medical Innovations Holdings Ltd.
Company Contact
Brendan Dekauwe,
Directorbrendan@gmedinnovations.com
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