Xtant Medical Holdings, Inc. XTNT entered into a securities purchase agreement with accredited investors to sell shares of its common stock in a private placement for $15 million.
Xtant plans to issue 20 million shares of common stock at $0.75 per share.
Net proceeds from the private placement will be used for working capital and other general corporate purposes. Xtant Medical's current portion of long-term debt as of the first quarter stood at $5.41 million.
In the last reported quarter, the company said it is facing robust demand across the biologics and fixation products.
The closing of the private placement is expected to occur on or about July 6, 2023, subject to the satisfaction of customary closing conditions.
Xtant Medical expects full-year 2023 revenue of $73 million-$75 million, representing annual growth of approximately 26% to 29% compared to the full year 2022.
The company plans to expand the total addressable orthobiologic market opportunity to drive future growth.
Price Action: XTNT shares are trading lower by 4.29% to $0.89 on the last check Monday.
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