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Medovex Corporation Receives an Additional $2.9 Million Under Existing Securities Purchase Agreement
ALPHARETTA, Ga., Jan. 28, 2019 (GLOBE NEWSWIRE) -- Medovex Corporation (OTCQB: MDVX) (“Medovex” or the “Company”) today announced that on January 18, 2019, the Company entered into a securities purchase agreement with six purchasers pursuant to which the purchasers invested in the Company an aggregate amount of $2,900,000.
Medovex previously announced that on January 8, 2019, the Company entered into a securities purchase agreement with four purchasers pursuant to which the purchasers invested in the Company an aggregate amount of $2,000,000, with $1,800,000 in cash and $200,000 by cancellation of debt.
"I’m pleased to announce receipt of this additional $2.9 million following the recent receipt of the initial $2 million bringing our total to now just shy of $5 million. Importantly, the investors who participated continue to consist of those strategic in nature and who have previously invested with us. Some of them are well recognized and respected in the business community having built well regarded national brands as well as being involved in other successful business pursuits. We continue to expect that these investors have the potential to bring value well beyond just capital contributions,” said William “Bill” Horne, Medovex CEO and Chairman.
Horne continued, “In just recent weeks, we have announced the completion of the transaction of RMS, appointed two new high-quality board members, and secured nearly $5 million in financing allowing us to execute our business plan going forward. Soon, you should expect to see additional communications that will further bolster and speak to the quality of our team, what our business will look like going forward, and most importantly, how we intend to build long term sustainable shareholder value. It’s an exciting time here at Medovex and we are grateful for both the continued support of our existing shareholders as well as those who have just recently joined us.”
The Company offered a minimum of $1,000,000 and a maximum of $6,000,000 of units at a price of $50,000 per unit until the earlier of the closing of the subscription of the maximum amount and February 28, 2019, subject to the Company’s earlier termination at its discretion. The agreement includes the customary representations and warranties from the Company and purchasers.
Each convertible note offered by the Company as part of the unit bears an interest rate of 12% per annum, has a principal amount of $50,000, shall mature in one year from the original issue date on January 8, 2019, and will be convertible into shares of common stock at a price of $0.40 subject to adjustment stated in the note. In addition, pursuant to the agreement, the Company offers, as part of the unit, warrants to purchase the common stock at a price of $0.75 per share.
About Medovex Corporation
Medovex Corporation was formed to acquire and develop a diversified portfolio of innovative medical technology products and services with the goal to improve the quality of life for patients. Based in Alpharetta, Georgia, Medovex’s first product, the DenerveX System, is intended to provide long-lasting relief from pain associated with facet joint syndrome. In 2019, the Company acquired Regenerative Medicine Solutions, LLC, a Tampa, Florida-based biomedical services company that manages Lung Health Institute. Lung Health Institute is a leader in regenerative medicine that specializes in cellular therapies to treat chronic obstructive pulmonary disease (COPD) and other chronic lung diseases. For more information on Medovex, please visit www.medovex.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those outlined in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.