G Medical Innovations Holdings Ltd. Announces Closing of $15.0 Million Initial Public Offering
June 29 2021 - 12:30PM
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
closing of its previously announced 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.
The ordinary shares and warrants began trading on the Nasdaq
Capital Market on June 25, 2021 under the symbols “GMVD” and
“GMVDW,” respectively.
EF Hutton, division of Benchmark Investments,
LLC, acted as sole book-running manager for the offering.
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 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 was filed with the SEC. The
offering was 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 possible offering of additional units, and the intended use of
proceeds. 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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