Minerva Surgical Inc UTRS shares are trading higher after the company announced a $30 million private placement of common stock led by Accelmed Partners.
What Happened: Minerva entered into a share purchase agreement for the sale of 146,627,565 shares of its common stock in a private placement at an offering price of $0.2046 per share.
The private placement is being led by Accelmed with participation by New Enterprise Associates. Accelmed will become the controlling stockholder of Minerva Surgical after the offering is completed.
The private placement is expected to close in the first quarter of 2023, generating gross proceeds of approximately $30 million. Minerva plans to use the proceeds to support operations, as well as research and development activities.
"This investment will provide us with the cash runway to enter a new chapter of growth and continue to serve the uterine healthcare needs of women with our best-in-class surgical products," said David Clapper, CEO of Minerva.
Minerva is a women's health company focused on the treatment of Abnormal Uterine Bleeding.
See Also: Why Innovative Eyewear Stock Is Soaring Today
UTRS Price Action: Minerva has a 52-week high of $6.20 and a 52-week low of 15 cents.
The stock was up 120.9% at 36 cents at time of publication, according to Benzinga Pro.
Photo: Juraj Varga from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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