G Medical Innovations Holdings Ltd. Announces Closing of Public Offering
April 04, 2023 at 16:01 PM EDT
Rehovot, Israel, April 04, 2023 (GLOBE NEWSWIRE) -- G Medical Innovations Holdings Ltd. (Nasdaq: GMVD) (the “Company”), a global leader in next-generation mobile health (mHealth) and digital health, today announced the closing of its public offering of 12,000,000 ordinary shares (or pre-funded warrants (“Pre-Funded Warrants”) in lieu thereof), each sold to the public at a price of $0.80 (inclusive of the exercise price of the Pre-Funded Warrant) for gross proceeds of approximately $9.6 million, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 1,800,000 ordinary shares and/or Pre-Funded Warrants to cover over-allotments at the public offering price, less the underwriting discount.
The Company intends to use the net proceeds for general corporate purposes (including financing operations, capital expenditures and business development), the repayment in full of the April 2021 Financing Debentures, and potential mergers or acquisitions.
ThinkEquity acted as sole book-running manager for the offering.
A registration statement on Form F-1 (File No. 333-269496) relating to the shares was filed with the Securities and Exchange Commission (the “SEC”) and became effective on March 31, 2023. This offering has been made only by means of a prospectus. An electronic copy of the final prospectus disclosing the final terms of the offering has been filed with the SEC and may be obtained on the SEC’s website at www.sec.gov, and may also be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at firstname.lastname@example.org.
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 G Medical Innovations Holdings Ltd.
In the second half of 2022, the Company expanded its business activities into a new business area, at-home laboratory testing kits. In the third quarter of 2023, the Company expects that users will be able to purchase a sample collection kit at retail stores or online and collect their sample from the comfort and privacy of their home and send it via mail to the Company’s certified lab for analysis. The Company has developed 31 types of tests kits which can test a wide range health issued related to hormones, sexual transferred disease, colon cancer, nutrition, food sensitivities and allergies. In addition, the Company’s pipeline includes development of additional kits for drug detection, heavy metal and toxicology. Data received from both vital signs and lab tests reflects the vision of the Company which is to allow users to create their personal electronic medical records and manage their health in one location which is available for them anywhere and anytime without dependency on any medical organization.
For more information about G Medical innovations, visit https://gmedinnovations.com/.
Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on G Medical Innovations Holdings Ltd.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and G Medical Innovations Holdings Ltd. undertakes no duty to update such information except as required under applicable law.