EnVVeno Medical Announces Pricing Of Public Offering - Quick Facts

(RTTNews) - enVVeno Medical (NVNO) announced the pricing of an underwritten public offering led by existing institutional investors of 4,285,715 shares of its common stock at a public offering price of $3.50 per share. enVVeno expects to receive aggregate gross proceeds from the offering, excluding the exercise of the underwriter's option, if any, of approximately $15.0 million, excluding underwriting discounts and commissions and other offering-related expenses. The company expects the offering to close on or about September 30, 2024.

enVVeno plans to use the net proceeds primarily for the continued development of two lead products, VenoValve and enVVe, and for general corporate purposes, including working capital.

Shares of enVVeno Medical are down 17% in pre-market trade on Friday.