Nuwellis Inc hits record low on discounted stock offering

LogicMark

15/09/2021 15:09

** Shares of medical device company  NUWE.O  down 26.83% to
$2.70, hitting a record low
    ** NUWE prices an underwritten public offering of ~3.48 mln
shares at $2.50/shr, for gross proceeds of ~$8.7 mln
 urn:newsml:reuters.com:*:nGNX8wJMXD
    ** Offer price implies a discount of ~32.2% as of stock's
last close; offering expected to close on Sept. 17
    ** Co also grants underwriters an option, exercisable in
whole or in part for 45 days, to purchase up to an additional
522,468 shares
    ** Net proceeds to be used for general corporate purposes,
including the continued investment in commercialization efforts
    ** Ladenburg Thalmann & Co Inc is acting as sole
book-running manager, while Maxim Group LLC is acting as lead
manager for the offering
    ** NUWE has ~6.53 mln shares outstanding worth ~$24.10 mln,
per Refinitiv data
    ** More than 419,077 shares of the Eden Prairie,
Minnesota-based company have traded so far on Wednesday, about
254.7% of their 30-DMA volume
    ** As of last close, stock had fallen ~47.1% YTD

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))