Ekso Bionics Holdings Inc. has entered into a definitive agreement with certain health care-focused institutional investors for the sale of 15,000 shares of Series A Convertible Preferred Stock and warrants to purchase 14,851,486 shares of Ekso Bionics Holdings’ common stock, resulting in proceeds of $15 million for the company.
According to a company press release, Ekso Bionics will use the net proceeds from the offering to invest in clinical, sales and marketing initiatives to accelerate the adoption of the Ekso exoskeleton in the rehabilitation market; to research, develop and commercialize an exoskeleton for home use; and to develop and commercialize able-bodied exoskeletons for industrial use and other general corporate purposes.
The initial conversion price of the stock is $1.01 per share. The warrants have an exercise price of $1.25 per share, subject to adjustment as provided in the warrants. They may be exercised for 5 years from the closing date. The stock includes a beneficial ownership blocker but has no divided rights — except to the extent dividends are also paid on the common stock — or liquidation preference.
Reference: www.eksobionics.com
