enVVeno Medical (NVNO) has announced the pricing of an underwritten public offering, spearheaded by current institutional investors. The company is offering 4,285,715 shares of its common stock at $3.50 per share. Excluding potential exercises of the underwriter's option and deducting underwriting discounts, commissions, and other related expenses, enVVeno anticipates gross proceeds of approximately $15.0 million from this offering. The transaction is expected to close around September 30, 2024.
The net proceeds from this offering are intended to support the continued development of enVVeno's two primary products, VenoValve and enVVe, as well as for general corporate purposes, including working capital.
As of Friday morning pre-market trading, shares of enVVeno Medical have declined by 17%.
