PetVivo Holdings Announces Closing of Public Offering and Nasdaq Listing
August 13 2021 - 2:47PM
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 closed its previously announced
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 was sold to the public at a
price of $4.50. The gross proceeds to the Company from the offering
were 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 shares and warrants began trading on
the Nasdaq Capital Market under the symbols “PETV” and “PETVW”
respectively, on 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. In connection with the closing of this offering, the
underwriter has exercised its over-allotment option to purchase an
additional 375,000 warrants. The underwriter has retained the right
to exercise the balance of its over-allotment option within the
45-day period.
ThinkEquity, a division of Fordham Financial
Management, Inc., acted 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. The offering was made only by
means of a prospectus. Copies of the final prospectus may be
obtained, 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 StatementsThe
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, 2021 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
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