USNU raises $1M in initial close of up to $2M private placement at $0.50/share

Elite Health Systems Inc.

Initial closing of private placement raised $1,000,000 from accredited investors at $0.50 per share; second close up to $1,000,000 expected within a month.
Net proceeds will fund the development of wholly-owned subsidiary Elite Health Plans, Inc., a Medicare Advantage plan startup with no revenue.
Elite Health plans to launch in Nevada, then California; risks include limited operating history, regulatory hurdles, and well-funded competitors.
Company pivoted from historical neurosurgical business to Medicare Advantage after acquiring Elite Health in Oct 2021 for a 15% equity stake valued at $315,000.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Elite Health Systems Inc. entered into Private Placement with certain accredited investors valued at $1,000,000 (effective 2024-01-16).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors
Value: $1,000,000
Effective: 2024-01-16

Exact text from the filing

On January 16, 2024, U.S. NeuroSurgical Holdings, Inc. (“USNU” or the “Company”), held an initial closing (the “Initial Closing”) of a private placement of shares of the Company’s common stock for gross proceeds of not less than $1,000,000 and up to $2,000,000 at a price per share of $0.50 per share (“Private Placement”). With the Initial Closing, the Company raised proceeds of $1,000,000

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Elite Health Systems Inc. filing history →

Source: SEC EDGAR

accession 0001140361-24-002644

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