Benzinga | Jul 2, 2021 09:37AM EDT

BioSig Technologies Raises $10M Via Equity Issued At $4/Share

* BioSig Technologies Inc (NASDAQ:BSGM) has priced its previously announced underwritten public offering of 2.5 million shares at $4.00 per share, representing a discount of 8% from the last close price of $4.35 on Thursday.

* The gross proceeds will be approximately $10 million, or roughly $11.5 million, if the underwriter exercises its option to purchase an additional 15% of the number of shares.

* The offering will close by July 7.

* Laidlaw & Company (UK) Ltd. is acting as the sole book-running manager for the offering.

* Proceeds will be used for complete commercialization activities related to the PURE EP System, including additional support for organizational development, ongoing R&D, and general corporate purposes.

* The PURE EP System has been awarded FDA 510(k) clearance. The Company commenced commercialization in 2020.

* Price Action: BSGM shares are down 6.90% at $4.05 during the market session on the last check Friday.