Vivani Medical Prices $15 Mln Direct Offering; Stock Down Over 20% In Pre-market

(RTTNews) - Vivani Medical, Inc. (VANI), a drug and device implants maker, announced on Friday that it has inked a deal with an institutional investor to purchase 3,947,368 shares and warrants at $3.80 per share and accompanying warrant in a direct offering.

The warrants at an exercise price of $3.80 per share, are exercisable immediately upon issuance and will expire three years following the date of issuance.

The gross proceeds from the offering, to be closed on or about March 5, are expected to be around $15 million.

Maxim Group LLC is working as the sole placement agent, whereas ThinkEquity is acting as financial advisor to the Company in connection with the offering.

VANI was trading down by 20.64 percent at $3.33 in the pre-market trade on the Nasdaq.