Amedica Corporation Announces Closing of $15,000,000 Public Offering of Units Consisting of Convertible Preferred Stock and Warrants

Amedica Corporation (NASDAQ:AMDA), an innovative biomaterial company that develops and commercializes silicon nitride for biomedical applications announced the closing of its previously announced public offering of units, consisting of convertible preferred stock and warrants for gross proceeds of $15,000,000 which excludes underwriting discounts and commissions and offering expenses payable by Amedica.

As quoted in the press release:

The offering was comprised of units, priced at a public offering price of $1,000 per unit. Each unit consists of one share of Series B Convertible Preferred Stock, with a stated value of $1,100, and 758 common stock purchase warrants (the “Warrants”). The Warrants are initially exercisable at an exercise price of $1.60 per share and expire 5 years from the date of issuance.

The Series B Preferred Stock is convertible into shares of common stock by dividing the stated value of $1,100 by:  (i) for the first 40 trading days following the closing of this offering, $1.4512 (the “Conversion Price”), (ii) after 40 trading days but prior to the 81st trading day, the lesser of  (a) the Conversion Price and (b) 87.5% of the lowest volume weighted average price for our Common Stock as reported at the close of trading on the market reporting trade prices for the Common Stock during the five trading days prior to the 41^st trading day, and (iii) after 80 trading days, the lesser of  (a) the Conversion Price and (b) 87.5% of the lowest volume weighted average price for our Common Stock as reported at the close of trading on the market reporting trade prices for the Common Stock during the five trading days prior to the date of the notice of conversion. In the case of (ii)(b) and (iii)(b) above, the share price shall not be less than $0.48 (the “Floor Price”).  Each of the Conversion Price and Floor Price is subject to adjustment in certain circumstances.

Maxim Group LLC acted as sole book-running manager in connection with the offering.

The securities were offered pursuant to a registration statement on Form S-1 (“Form S-1”), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on May 10, 2018.

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