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ENDRA Life Sciences completed its initial public offering with gross proceeds reaching approximately $9.7 million.
ENDRA Life Sciences (NASDAQ:NDRAU) completed its initial public offering with gross proceeds reaching approximately $9.7 million.
As quoted in the press release:
ENDRA’s units began trading on the NASDAQ Capital Market under the ticker symbol “NDRAU” on May 9, 2017.
ENDRA’s common stock and warrants will trade together as units during the first 60 days following the date of the prospectus pursuant to which the offering was made (unless the underwriters’ representative determines that an earlier date is acceptable) and, thereafter, the units will automatically separate and the common stock and warrants will trade separately. Following separation, each warrant will have an exercise price of $6.25 per share of common stock and will expire on the fifth anniversary of the original issuance date. Once the securities comprising the units begin separate trading, the shares of common stock and warrants are expected to be listed on the NASDAQ Capital Market under the symbols “NDRA” and “NDRAW,” respectively. ENDRA expects to use the net proceeds from the offering to fund the development and regulatory approval and to prepare for the commercialization of its Non-Alcoholic Fatty Liver Disease Thermo-Acoustic Enhanced Ultrasound application in the European Union and for working capital and other general corporate purposes.
Click here to read the full press release.
Source: www.accesswire.com