Helius Medical Technologies, Inc. Announces Pricing of $9.6 Million Underwritten Public Offering Priced At Market
January 28 2021 - 8:30AM
Helius Medical Technologies, Inc. (Nasdaq:HSDT) (TSX:HSM) (“Helius”
or the “Company”), a neurotech company focused on neurological
wellness, announced today announced the pricing of an underwritten
public offering of units for gross proceeds of approximately $9.6
million prior to deducting underwriting discounts and commissions
and offering expenses payable by Helius. The offering is comprised
of 647,772 Units, priced at a public offering price of $14.82 per
unit, with each unit consisting of one share of common stock and a
warrant to purchase 0.5 shares of common stock at an exercise price
of $16.302 per share that expires on the fifth anniversary of the
date of issuance.
The securities comprising the units are immediately separable
and will be issued separately. The closing of the offering is
expected to take place on or about February 1, 2021, subject to the
satisfaction or waiver of customary closing conditions.
Ladenburg Thalmann & Co. Inc. is acting as the sole
bookrunning manager of the offering.
A total of 647,772 shares of common stock and warrants to
purchase up to 323,886 shares of common stock will be issued in the
offering. In addition, the Company has granted the underwriters a
45-day option to purchase up to 97,164 additional shares of common
stock and additional warrants to purchase up to 48,582 shares of
common stock, solely to cover over-allotments, if any, at the
public offering price per share and per warrant, less the
underwriting discounts and commissions.
The securities were offered pursuant to a registration statement
on Form S-1 (File No. 333-251804), which was declared effective by
the United States Securities and Exchange Commission (“SEC”) on
January 27, 2021 and an additional registration statement on Form
S-1 (File No. 333-252495) filed pursuant to Rule 462(b), which
became effective on January 27, 2021.
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. The
offering is being made solely by means of a prospectus. A final
prospectus relating to this offering will be filed by Helius with
the SEC. When available, 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, 640 Fifth Avenue,
4th floor, New York, NY 10019 by email at
prospectus@ladenburg.com.
About Helius Medical Technologies,
Inc.
Helius Medical Technologies is a neurotech
company focused on neurological wellness. The Company’s purpose is
to develop, license and acquire unique and non-invasive platform
technologies that amplify the brain’s ability to heal itself. The
Company’s first commercial product is the Portable Neuromodulation
Stimulator (PoNSTM). For more information,
visit www.heliusmedical.com.
About the PoNS™ Device and PoNS
Treatment™
The Portable Neuromodulation Stimulator (PoNS™)
is authorized for sale in Canada as a class II, non-implantable,
medical device intended as a short term treatment (14 weeks) of
gait deficit due to symptoms from multiple sclerosis (MS), and
chronic balance deficit due to mild-to-moderate traumatic brain
injury (mmTBI) and is to be used in conjunction with physical
therapy. The PoNS™ is an investigational medical device in the
United States, the European Union (“EU”), and Australia (“AUS”).
The device is currently under review for de novo classification and
clearance by the FDA. It is also under premarket review by the AUS
Therapeutic Goods Administration. PoNS™ is currently not
commercially available in the United States, the European Union or
Australia.
Cautionary Disclaimer
Statement:
Certain statements in this news release are not
based on historical facts and constitute forward-looking statements
or forward-looking information within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 and Canadian
securities laws. All statements other than statements of historical
fact included in this news release are forward-looking statements
that involve risks and uncertainties. Forward-looking statements
are often identified by terms such as “believe,” “continue,” “look
forward,” “will,” “committed to” and similar expressions. Such
forward-looking statements include, among others, statements
regarding the Company’s anticipated closing of the underwritten
public offering and anticipated use of proceeds therefrom.
There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those expressed or implied by such
statements. Important factors that could cause actual results to
differ materially from the Company’s expectations include the
impact of the COVID-19 pandemic, the ability of the Company to
close the offering, the Company’s need to raise additional capital
to achieve its business objectives and other risks detailed from
time to time in the filings made by the Company with securities
regulators, and including the risks and uncertainties about the
Company’s business described in the “Risk Factors” sections of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2019, Quarterly Report on Form 10-Q for the quarter ended
September 30, 2020 and its other filings with the United States
Securities and Exchange Commission and the Canadian securities
regulators, which can be obtained from either at www.sec.gov or
www.sedar.com.
The reader is cautioned not to place undue
reliance on any forward-looking statement. The forward-looking
statements contained in this news release are made as of the date
of this news release and the Company assumes no obligation to
update any forward-looking statement or to update the reasons why
actual results could differ from such statements except to the
extent required by law.
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of the
content of this news release.
Investor Relations Contact:
Westwicke Partners on behalf of Helius Medical Technologies, Inc.
Mike Piccinino, CFA
443-213-0500
investorrelations@heliusmedical.com
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