Xtant Medical Announces Closing of Second Tranche of $9.75 Million Private Investment
11 Octobre 2022 - 2:00PM
Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global
medical technology company focused on surgical solutions for the
treatment of spinal disorders, today announced the closing of the
second and final tranche of its previously announced private
placement with a select group of accredited investors led by
Stavros Vizirgianakis. As previously announced, at the first
closing the Company sold approximately 14.1 million shares of
common stock and warrants to purchase approximately 3.5 million
shares of common stock for an aggregate purchase price of
approximately $6.75 million. At the second closing, the Company
sold an additional approximately 6.2 million shares of common stock
of the Company and warrants to purchase approximately 1.6 million
shares of common stock for an aggregate purchase price of
approximately $3.0 million.
The Company intends to use the net proceeds from
the transaction to support working capital and other general
corporate purposes.
The warrants are immediately exercisable and
will expire on the five-year anniversary of the first closing. The
gross proceeds to the Company from both tranches of the transaction
are approximately $9.75 million, before deducting estimated
offering expenses payable by the Company.
Xtant Medical received legal advice in the
transaction from Fox Rothschild LLP. Holland & Knight LLP
provided legal advice to Mr. Vizirgianakis in connection with the
transaction.
The private placement was made pursuant to the
exemption from securities registration afforded by Section 4(a)(2)
of the Securities Act of 1933, as amended, and Rule 506 of
Regulation D as promulgated by the United States Securities and
Exchange Commission (SEC), and the securities sold in the private
placement may not be offered or sold in the United States absent
registration with the SEC or an applicable exemption from such
registration requirements. The Company has agreed to file a
registration statement with the SEC covering the resale of the
common shares as well as the common shares issuable upon exercise
of the warrants issued in the private placement.
This release does not constitute an offer to
sell or the solicitation of an offer to buy any security. The
shares offered have not been registered under the Securities Act of
1933, as amended, or applicable state securities laws and may not
be offered or sold in the United States or any state thereof absent
registration under the securities act and applicable state
securities laws or an applicable exemption from registration
requirements.
About Xtant Medical Holdings,
Inc.
Xtant Medical Holdings, Inc.
(www.xtantmedical.com) is a global medical technology company
focused on the design, development, and commercialization of a
comprehensive portfolio of orthobiologics and spinal implant
systems to facilitate spinal fusion in complex spine, deformity and
degenerative procedures. Xtant people are dedicated and talented,
operating with the highest integrity to serve our customers.
The symbols ™ and ® denote trademarks and
registered trademarks of Xtant Medical Holdings, Inc. or its
affiliates, registered as indicated in the United States, and in
other countries. All other trademarks and trade names referred to
in this release are the property of their respective owners.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
that are predictive in nature, that depend upon or refer to future
events or conditions, or that include words such as “intends,”
‘‘expects,’’ ‘‘anticipates,’’ ‘‘plans,’’ ‘‘believes,’’
‘‘estimates,’’ “continue,” “future,” ‘‘will,’’ “potential,” similar
expressions or the negative thereof, and the use of future dates.
Forward-looking statements in this release include the Company’s
expectations regarding its use of net proceeds from the private
placement. The Company cautions that its forward-looking statements
by their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of important factors,
including, among others: the Company’s future operating results and
financial performance; its ability to increase or maintain revenue;
possible future impairment charges to long-lived assets and
goodwill and write-downs of excess inventory if revenues continue
to decrease; its ability to remain competitive; its ability to
innovate, develop and introduce new products and achieve other
aspects of its strategic plans; its ability to engage and retain
new and existing independent distributors and agents and qualified
personnel and its dependence on key independent agents for a
significant portion of its revenue; the effect of the COVID-19
pandemic and hospital staffing shortages on the Company’s business,
operating results and financial condition, especially when they
affect key markets; its ability to implement successfully its
future growth initiatives and risks associated therewith; the
effect of product sales mix changes on its financial results;
government and third-party coverage and reimbursement for its
products; its ability to obtain and maintain regulatory approvals
and comply with government regulations; the effect of product
liability claims and other litigation to which the Company may be
subject; the effect of product recalls and defects; the ability to
obtain and protect its intellectual property and proprietary rights
and operate without infringing the rights of others; its ability to
service its debt, comply with its debt covenants and access
additional indebtedness; the ability to obtain additional financing
on favorable terms or at all; and other factors. Additional risk
factors are contained in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2021 filed with the Securities and
Exchange Commission (SEC) on March 8, 2022 and subsequent SEC
filings by the Company, including without limitation its most
recent Quarterly Report on Form 10-Q for the quarter ended June 30,
2022 filed with the SEC on August 4, 2022. Investors are encouraged
to read the Company’s filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. The Company undertakes no obligation to release
publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events, except as required by law. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
this cautionary statement.
Investor Relations Contact
David CareyLazar FINNPh: 212-867-1762Email:
david.carey@finnpartners.com
Xtant Medical (AMEX:XTNT)
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