Sonendo (NYSE:SONX) is rising higher on Friday as investors react to a $63 million private placement of its common stock.
According to a press release, several returning and new investors took part in the private placement. Among them are ‘Pura Vida Investments, First Light Asset Management, Blue Water Life Science Advisors, ArrowMark Partners, Driehaus Capital Management, and JMR Capital.”
Sonendo notes that this purchase agreement covers a total of 23,045,536 shares of SONX stock. The shares were priced at 95 cents each during this private placement.
To go along with that, The offer also includes pre-funded warrants to purchase a total of 43,315,846 shares of SONX stock. These warrants have a price of $0.949 each and an exercise price of $0.001 per share. They are immediately exercisable and remain so until fully exercised.
Bjarne Bergheim, president and CEO of Sonendo, said the following about the private placement:
We are excited to partner with a strong and respected group of investors in this financing. This financing meaningfully strengthens our balance sheet and enables us to continue improving patient care and delivering innovative products focused on Saving Teeth. Improving Lives.
What Will SONX Do With the Money?
Sonendo already has plans for the funds from the private placement. It intends to use them for commercialization efforts, expanding its product portfolio, working capital, and other general corporate purposes.
Heavy trading is pushing SONX stock higher today with some 11 million shares on the move. For the record, the company’s daily average trading volume is about 115,000 shares.
SONX stock is up 14.7% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
