Nuwellis, Inc. (NASDAQ: NUWE), a medical technology company focused on developing solutions for patients with cardiorenal conditions, has completed a public offering that generated approximately $6 million in gross proceeds, the company announced Monday.
The offering consisted of 1.9 million shares of common stock and pre-funded warrants to purchase approximately 18.1 million additional shares. Investors also received accompanying Series C Warrants and Series D Warrants that could allow the purchase of up to 80 million shares of common stock in the future.
According to the company, the public offering was priced at $0.30 per share of common stock and accompanying warrants. The pre-funded warrants were offered at a price of $0.2999 each, with an exercise price of $0.0001 per warrant. These pre-funded warrants are immediately exercisable and remain valid until fully exercised.
Nuwellis said the Series C Warrants and Series D Warrants each carry an exercise price of $0.30 per share. Both warrant series will become exercisable for a five-year period following shareholder approval and the implementation of a reverse stock split, in accordance with Nasdaq requirements.
The company noted that the Series C Warrants include a one-time exercise price adjustment mechanism tied to a future reverse stock split. Meanwhile, the Series D Warrants provide holders with a zero-cash exercise feature, allowing investors to receive shares without making an additional cash payment under specified conditions.
The financing is expected to strengthen Nuwellis’ capital position as the company continues to advance technologies aimed at improving outcomes for patients suffering from cardiorenal disorders.
Investment banking firm Ladenburg Thalmann & Co. Inc. served as the sole book-running manager for the offering.
Shares of Nuwellis trade on the Nasdaq Capital Market under the ticker symbol “NUWE.”
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