Stereotaxis Sinks on Common Stock Offering
Stereotaxis, Inc. (NYSE: STXS) shares began Thursday with slight declines. The St. Louis-based company, a pioneer and global leader in surgical robotics for minimally invasive endovascular intervention, today announced it has entered into definitive agreements with investors for the sale of approximately $12.5 million of its shares of common stock in a registered direct offering, at a price per share of $2.00.
The financing is being led by a strategic industry partner along with participation from a select group of institutional investors.
“We appreciate the support of our strategic partner and institutional investors in this offering, the proceeds from which will be used to accelerate product commercialization in this milestone rich year, as well as for research and development and other corporate purposes,” said CEO David Fischel.
This morning’s news release said the gross proceeds from the offering are expected to be approximately $12.5 million, before deducting placement agent’s fees and other offering expenses.
An initial closing of approximately $8.5 million of the financing is expected to close on or about July 18, and a second closing of $4.0 million of the financing is scheduled to close on or before November 25, subject to customary closing conditions. Lake Street Capital Markets LLC is acting as the exclusive placement agent for the offering.
STXS shares sank nine cents, or 3.8%, to $2.30.
