Benzinga | Dec 16, 2020 06:36AM EST

ENDRA Life Sciences Priced 7.1M Share Public Offering of Common Stock @$0.70/Share

ENDRA Life Sciences Inc. ("ENDRA") (NASDAQ:NDRA) announced the pricing of an underwritten public offering of 7,143,000 shares of common stock at an offering price of $0.70 per Common Share. In addition, ENDRA has granted the underwriter a 45-day option to purchase up to an additional 714,286 shares to cover over-allotments, if any. All of the shares are being offered by ENDRA.

ENDRA expects to receive gross proceeds from the offering of $5.0 million prior to deducting underwriting discounts, commissions and other offering expenses. If the underwriter exercises its over-allotment option in full, the gross proceeds would be approximately $5.5 million. The offering is expected to close on December 18, 2020, subject to the satisfaction of customary closing conditions.

ENDRA intends to use the net proceeds from the proposed offering for working capital and other general corporate purposes.

ThinkEquity, a division of Fordham Financial Management, Inc., is acting as the sole underwriter for the offering.