PetVivo Holdings Announces Pricing of Public Offering and Nasdaq Listing
August 10 2021 - 8:32PM
PetVivo Holdings, Inc. (Nasdaq: PETV, PETVW) (“PetVivo” or the
“Company”), an emerging biomedical device company focused on the
licensing and commercialization of innovative medical devices and
therapeutics for pets, today announced the pricing of an
underwritten public offering of 2,500,000 units, each unit
consisting of one share of common stock and one warrant to purchase
one share of common stock. Each unit is being sold to the public at
a price of $4.50. The gross proceeds to the Company from the
offering are expected to be approximately $11.25 million before
deducting underwriting discounts, commissions and other offering
expenses. The warrants will have a per share exercise price of
$5.625, are exercisable immediately, and expire five years from the
date of issuance. The common stock and warrants that are part of
the units can only be purchased together in the offering but will
be issued separately.
The common shares and warrants have been
approved to list on the Nasdaq Capital Market under the symbols
“PETV” and “PETVW” respectively, and are expected to begin trading
on Wednesday, August 11, 2021.
The Company has granted the underwriter a 45-day
option to purchase up to 375,000 additional shares of common stock
and/or up to 375,000 additional warrants to cover over-allotments,
if any.
The offering is expected to close on August 13,
2021, subject to satisfaction of customary closing conditions.
ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as sole book-running manager for the
offering.
The Company intends to use the proceeds to
provide funding for general corporate purposes including marketing
of our Kush® products, debt repayment, research and
development of our current product pipeline, purchase of
manufacturing equipment and working capital.
The Securities and Exchange Commission ("SEC")
declared effective a registration statement on Form S-1 relating to
these securities on August 10, 2021. A final prospectus relating to
this offering will be filed with the Securities and Exchange
Commission. The offering is being made only by means of a
prospectus. Copies of the final prospectus relating to the offering
may be obtained, when available, by contacting ThinkEquity, 17
State Street, 22nd Floor, New York, NY 10004, telephone (877)
436-3673, email: prospectus@think-equity.com. Investors may also
obtain these documents at no cost by visiting the SEC's website at
https://www.sec.gov.
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 an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About PetVivo
Holdings, Inc.
PetVivo Holdings Inc. is an emerging biomedical
device company currently focused on the manufacturing,
commercialization and licensing of innovative medical devices and
therapeutics for companion animals. The Company's strategy is to
leverage human therapies for the treatment of companion animals in
a capital and time efficient way. A key component of this strategy
is the accelerated timeline to revenues for veterinary medical
devices, which enter the market much earlier than more stringently
regulated pharmaceuticals and biologics.
PetVivo has a pipeline of seventeen products for
the treatment of animals and people. A portfolio of twenty-one
patents protects the Company's biomaterials, products, production
processes and methods of use. The Company’s lead product Kush, a
veterinarian-administered, intraarticular injection for the
treatment of osteoarthritis in dogs and horses, is scheduled for
expanded commercial sale later this year.
Forward Looking Statements
The foregoing material may contain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, each as amended. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, including without limitation the Company’s proposed
development and commercial timelines, and can be identified by the
use of words such as “may,” “will,” “expect,” “project,”
“estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,”
“continue” or the negative versions of those words or other
comparable words. Forward-looking statements are not guarantees of
future actions or performance. These forward-looking statements,
including the potential listing of the Company’s common stock on
Nasdaq, are based on information currently available the Company
and its current plans or expectations and are subject to a number
of uncertainties and risks that could significantly affect current
plans. Risks concerning the Company’s business are described in
detail in the Company’s Annual Report on Form 10-K for the year
ended March 31, 2020 and other periodic and current reports filed
with the Securities and Exchange Commission. The Company is under
no obligation to, and expressly disclaims any such obligation to,
update or alter its forward-looking statements, whether as a result
of new information, future events or otherwise.
Contact:John Lai, CEOPetVivo
Holdings, Inc.Email: info1@petvivo.com(952)
405-6216
PetVivo (NASDAQ:PETVW)
Historical Stock Chart
From Mar 2024 to Apr 2024
PetVivo (NASDAQ:PETVW)
Historical Stock Chart
From Apr 2023 to Apr 2024