Vivani Medical prices $15M registered direct offering of 3.95M shares and warrants at $3.80

Vivani Medical, Inc.

Offers 3,947,368 shares of common stock and warrants to purchase same amount; gross proceeds ~$15.0M.
Warrants exercisable at $3.80/share immediately and expire three years from issuance.
Closing expected on or about March 5, 2024; Maxim Group is sole placement agent.
Directors and officers subject to 90-day lock-up; company has 45-day no-issuance commitment.
Preclinical-stage biopharma developing GLP-1 implants; proceeds for general corporate purposes.

item 1.01 item 7.01 item 9.01

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

Vivani Medical, Inc. entered into Placement Agency Agreement with Maxim Group LLC (effective 2024-03-01).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC
Effective: 2024-03-01

Exact text from the filing

The Company also entered into a Placement Agency Agreement with Maxim Group LLC (the “Placement Agency Agreement,” and together with the Securities Purchase Agreement, the “Agreements”), who is acting as the sole placement agent for the Offering.

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

Vivani Medical, Inc. entered into Securities Purchase Agreement with an institutional investor valued at approximately $15.0 million (effective 2024-03-01).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: approximately $15.0 million
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, Vivani Medical, Inc. (the “Company”) entered into a Securities Purchase Agreement with an institutional investor (the “Securities Purchase Agreement”) relating to the issuance of 3,947,368 shares of the Company’s common stock, par value of $0.0001 per share (the “Common Stock”) and warrants to purchase up to an aggregate of 3,947,368 shares of Common Stock (the “Warrant”), to such investor at a purchase price of $3.80 per share and accompanying warrant in a registered direct offering (the “Offering”).

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Vivani Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001753926-24-000466

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