MedAvail Announces Closing of Private Placement
April 04 2022 - 4:09PM
Business Wire
(Nasdaq: MDVL) — MedAvail Holdings, Inc. (“MedAvail”), a
technology-enabled retail pharmacy company, today announced the
first closing of a private placement for the sale of approximately
37.6 million shares of common stock at an offering price of $1.0625
per share, together with the issuance of warrants to purchase
approximately 18.8 million shares of common stock. The first
closing of the private placement resulted in gross proceeds to
MedAvail of $40 million, before deducting placement agent
commissions and other offering expenses.
MedAvail intends to utilize the net proceeds for general
corporate purposes and to fund its strategic initiatives.
The securities sold in the private placement have not been
registered under the Securities Act of 1933, as amended (the
“Securities Act”) or any state or other jurisdiction’s securities
laws, and may not be resold absent registration under, or exemption
from registration under, the Securities Act. MedAvail has agreed to
file a registration statement with the SEC registering the resale
of the shares of common stock to be issued and sold in the private
placement, together with the shares of common stock underlying the
warrants issued in the private placement, within 60 days of the
applicable closing of the private placement in which such
securities were purchased.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
Cowen acted as the placement agent for the private placement.
Lake Street acted as financial advisor.
About MedAvail
MedAvail Holdings, Inc. (NASDAQ: MDVL) is a technology-enabled
pharmacy organization, providing turnkey in-clinic pharmacy
services through its proprietary robotic dispensing platform, the
MedAvail MedCenter, and home delivery operations, to Medicare
clinics. MedAvail helps patients to optimize drug adherence,
resulting in better health outcomes. Learn more at
www.medavail.com.
Forward-Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things,
statements relating to the MedAvail’s expectations regarding the
expected gross proceeds from, and the timing of the expected
closing of, the private placement. These statements are not
historical facts but rather are based on the MedAvail’s current
expectations, estimates, and projections regarding its business,
operations and other similar or related factors. Words such as
“may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,”
“potential,” “continue,” “expect,” “intend,” “plan,” “project,”
“believe,” “estimate,” and other similar or related expressions are
used to identify these forward-looking statements, although not all
forward-looking statements contain these words. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases,
beyond the MedAvail’s control. Actual results may differ materially
from those in the forward-looking statements as a result of a
number of factors, including those described in the MedAvail’s
filings with the SEC, including but not limited to risks discussed
under the heading "Risk Factors" in MedAvail’s Annual Report on
Form 10-K, filed with the SEC on March 29, 2022, and other filings
MedAvail makes with the SEC in the future. MedAvail undertakes no
obligation to revise or update information in this release to
reflect events or circumstances in the future, even if new
information becomes available.
SOURCE MedAvail Holdings, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20220404005972/en/
Investor Relations Caroline Paul Gilmartin Group
ir@medavail.com
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