Shares of Microbot Medical ( NASDAQ: MBOT ) dropped 13% premarket on Wednesday after the medical device company announced an offering to raise approximately $2.35M in gross proceeds. The company entered into definitive agreements for the purchase and sale of 1,566,669 shares of its common stock at a purchase price of $1.
50 a share in an offering priced at-the-market under Nasdaq rules. Microbot ( MBOT ) will also issue unregistered series F preferred investment options in a concurrent private placement to purchase up to 3,133,338 shares of common stock at an exercise price of $1.50 a share.
Net proceeds from the offerings will be used for the continued development, commercialization and regulatory activities for the company’s LIBERTY Robotic System, expansion and development of additional applications derived from existing IP portfolio, and for working capital and other general corporate purposes. The offerings are expected to occur on or about June 4, 2024. More on Microbot Medical Microbot Medical operations remain on track amid Middle East tensions, shares up Seeking Alpha’s Quant Rating on Microbot Medical Financial information for Microbot Medical.
