MedAvail Announces Closing of $16 Million Private Placement

Provided By Globe Newswire

Last update: Mar 14, 2023

PHOENIX, March 14, 2023 (GLOBE NEWSWIRE) -- MedAvail Holdings, Inc. (Nasdaq: MDVL) (“MedAvail”), an innovative pharmacy technology company, today announced that on March 13, 2023, it closed a private placement (the “Offering”) of securities with certain institutional investors pursuant to the terms of a definitive securities purchase agreement dated March 9, 2023. The Offering consists of pre-funded warrants to purchase common stock (the “Pre-Funded Warrants”) that were issued upon the closing at a price of $0.3212 per underlying share and are exercisable into shares of common stock at an exercise price of $0.001 per share, as well as Series A warrants to purchase common stock an exercise price of $0.385440 per share (the “Series A Warrants”) that will be issued following stockholder approval of the Offering. The Pre-Funded Warrant shares are exercisable for an aggregate of up to 49,813,198 shares of common stock, and the Series A Warrants would be exercisable for an aggregate of up to 49,813,198 shares of common stock. MedAvail received gross proceeds from the Offering of approximately $16 million, before deducting offering expenses.