electroCore Announces Pricing of $18.0 Million Public Offering of Common Stock
30 Junho 2021 - 9:30AM
electroCore, Inc. (the “Company”), (NASDAQ: ECOR), a
commercial-stage bioelectronic medicine company, today announced
the pricing of an underwritten public offering of 18,000,000 shares
of its common stock at a public offering price of $1.00 per share.
The gross proceeds of the offering to the Company are expected to
be $18.0 million, before deducting the underwriting discounts and
commissions and other estimated offering expenses. In addition, the
Company granted the underwriters a 45-day option to purchase up to
an additional 2,700,000 shares of common stock at the public
offering price, less underwriting discounts and commissions.
The closing of the offering is expected to occur on or about
July 2, 2021, subject to the satisfaction of customary closing
conditions.
Ladenburg Thalmann & Co. Inc. is acting as sole book-runner
for the offering. Paulson Investment Company, LLC is acting as a
co-manager for the offering.
The Company intends to use the net proceeds of the offering for
sales and marketing, working capital, and general corporate
purposes. In addition, it believes that opportunities may exist
from time to time to expand its current business through
acquisitions or in-licenses of, or investments in, complementary
companies, medicines, intellectual property or technologies. While
the Company has no current agreements or commitments for any
specific acquisitions, in-licenses or investments at this time, it
may use a portion of the net proceeds for these purposes.
The securities described above are being offered by the Company
pursuant to an effective shelf registration statement on Form S-3
(File No. 333-232655) previously filed with the Securities and
Exchange Commission (“SEC”) on July 15, 2019, which registration
statement became effective on September 5, 2019.
A preliminary prospectus supplement relating to the offering was
filed with the SEC on June 29, 2021 and is available on the SEC’s
website at http://www.sec.gov. The final prospectus supplement
relating to and describing the terms of the offering will be filed
with the SEC and also will be available on the SEC’s website.
Before investing in the offering, you should read each of the
prospectus supplement and the accompanying prospectus relating to
the offering in their entirety as well as the other documents that
the Company has filed with the SEC that are incorporated by
reference in the prospectus supplement and the accompanying
prospectus relating to the offering, which provide more information
about the Company and the offering. Copies of the final prospectus
supplement and accompanying prospectus relating to the offering may
be obtained, when available, from Ladenburg Thalmann & Co.
Inc., 640 Fifth Avenue, 4th Floor, New York, NY 10017, or by email
at prospectus@ladenburg.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About electroCoreelectroCore,
Inc. is a commercial stage bioelectronic medicine company dedicated
to improving patient outcomes through its platform non-invasive
vagus nerve stimulation therapy initially focused on the treatment
of multiple conditions in neurology. The company’s current
indications are for the preventative treatment of cluster headache
and migraine and acute treatment of migraine and episodic cluster
headache.
For more information, visit www.electrocore.com.
Forward Looking StatementsThis press release
contains forward-looking statements that involve substantial risks
and uncertainties for purposes of the safe harbor provided by the
Private Securities Litigation Reform Act of 1995. Any statements,
other than statements of historical fact included in this press
release, including those regarding the anticipated and potential
use of proceeds for the proposed offering, satisfaction of the
customary closing conditions of the offering, delays in obtaining
required stock exchange or other regulatory approvals, stock price
volatility and the impact of general business and economic
conditions are forward-looking statements. electroCore may not
actually achieve the plans, carry out the intentions or meet the
expectations or projections disclosed in any forward-looking
statements such as the foregoing and you should not place undue
reliance on such forward-looking statements. Such statements are
based on management’s current expectations and involve risks and
uncertainties, including those discussed under the heading "Risk
Factors" in electroCore’s Annual Report on Form 10-K for the fiscal
year ended December 31, 2020, filed with the SEC on March 11, 2021
and in subsequent filings with, or submissions to, the SEC. Except
as otherwise required by law, electroCore disclaims any intention
or obligation to update or revise any forward-looking statements,
which speak only as of the date they were made, whether as a result
of new information, future events or circumstances or
otherwise.
Investors:
Rich Cockrell
CG Capital
404-736-3838
ecor@cg.capital
electroCore (NASDAQ:ECOR)
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