LogicMark, Inc. Announces Closing of $5.2 Million Underwritten Public Offering Priced Above Market
January 25 2023 - 6:30PM
LogicMark, Inc. (Nasdaq: LGMK) (the “Company” or “LogicMark”), a
provider of personal emergency response systems (PERS), health
communications devices, and technology for the growing care
economy, today announced the closing of its above market
underwritten public offering of (i) 10,585,000 units, with each
unit consisting of one share of common stock and one warrant to
purchase one and one-half shares of common stock and (ii) 3,440,000
pre-funded units, with each pre-funded unit consisting of one
pre-funded warrant to purchase one share of common stock and one
warrant to purchase one and one-half shares of common stock. Each
unit was sold at a public offering price of $0.371 and each
pre-funded unit was sold at the public offering price per unit,
minus $0.001. The warrants in the units and pre-funded units will
be immediately exercisable at a price of $0.371 per share and will
expire five years from the date of issuance. The shares of common
stock (or pre-funded warrants in lieu thereof) and accompanying
warrants included in the units and in the pre-funded units could
only be purchased together in the offering but were issued
separately and were immediately separable upon issuance. Gross
proceeds, before deducting underwriting discounts and commissions
and estimated offering expenses and excluding the proceeds from the
exercise of any of the warrants or pre-funded warrants were
approximately $5.2 million. In addition, LogicMark has granted the
underwriters a 45-day option to purchase up to an additional
2,103,750 shares of common stock and/or pre-funded warrants, and/or
warrants to purchase up to 3,155,625 shares of common stock to
cover over-allotments at the public offering price, less the
underwriting discount, and Maxim Group LLC partially exercised its
option to purchase an additional 815,198 warrants at $0.01 per
warrant, for additional gross proceeds of $8,151.
Maxim Group LLC acted as sole book-running
manager for the offering.
The offering was conducted pursuant to the
Company's registration statement on Form S-1 (File No. 333-268688),
as amended and subsequently declared effective by the Securities
and Exchange Commission (“SEC”), on January 23, 2023. A final
prospectus relating to the offering was filed with the SEC on
January 25, 2023 and is available on the SEC’s website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering may be obtained from 300 Park Avenue,
16th Floor, New York, New York 10022, at (212) 895-3745.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, 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 LogicMark, Inc.LogicMark,
Inc. (Nasdaq: LGMK) provides personal emergency response systems
(PERS), health communications devices and technologies to create a
Connected Care Platform. The Company’s devices give people the
ability to receive care at home and confidence to age in place.
LogicMark revolutionized the PERS industry by incorporating two-way
voice communication technology directly into its medical alert
pendant and providing this life-saving technology at a price point
everyday consumers can afford. The Company’s PERS technologies are
sold through the United States Veterans Health Administration and
dealers/distributors. LogicMark has been awarded a contract by the
U.S. General Services Administration that enables the Company to
distribute its products to federal, state, and local
governments.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements reflect management’s current
expectations, as of the date of this press release, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the use of any proceeds from the
offering. The Company’s actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors. Such risks and uncertainties include, among
other things, our ability to use the offering proceeds effectively
and other risks impacting the Company’s business, such as our
ability to establish and maintain the proprietary nature of our
technology through the patent process, as well as our ability to
possibly license from others patents and patent applications
necessary to develop products; the availability of financing; the
Company’s ability to implement its long range business plan for
various applications of its technology; the Company’s ability to
enter into agreements with any necessary marketing and/or
distribution partners; the impact of competition, the obtaining and
maintenance of any necessary regulatory clearances applicable to
applications of the Company’s technology; the Company’s ability to
maintain its Nasdaq listing for its common stock; and management of
growth and other risks and uncertainties that may be detailed from
time to time in the Company’s reports filed with the SEC.
Investor Relations Contact:CORE
IRInvestor@logicmark.com516 222 2560
Media:Jules
Abrahamjulesa@coreir.com
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