PAVmed Announces Completion of Offer to Exercise Series W Warrants at a Temporarily Reduced Price
February 09 2018 - 4:30PM
Business Wire
PAVmed Inc. (Nasdaq: PAVM, PAVMW) (“PAVmed”), a highly
differentiated, multiproduct medical device company, today
announced the completion of its previously announced offer to
exercise its publicly-traded warrants (the “Series W Warrants”) at
a temporarily reduced exercise price of $2.00 per share. The offer
expired at 11:59 P.M. (Eastern Time) on February 8, 2018.
As of the expiration date, 34,345 Series W Warrants had been
tendered for exercise and not withdrawn. The gross cash proceeds
from the exercises were $68,690.
Series W Warrants that were not tendered remain in effect at the
previous exercise price of $5.00 per share.
The depositary for the tender offer was Continental Stock
Transfer & Trust Company.
Additional Information
PAVmed filed with the Securities and Exchange Commission (the
“SEC”) a Tender Offer Statement on Schedule TO-I (the “Tender Offer
Statement”) relating to the offer.
The offer was made pursuant to the Offer to Exercise dated
January 11, 2018, as supplemented on January 26, 2018, the related
Election to Participate and Exercise Series W Warrants and the
other offer materials filed with the Tender Offer Statement
(collectively, the “Offer Documents”), which were mailed to all
holders of the Series W Warrants. The Tender Offer Statement and
the Offer Documents also are available to holders of the Series W
Warrants at no charge on the SEC’s website at www.sec.gov.
Registration statements relating to the exercise of certain of
the Series W Warrants in the offer were filed with the SEC. Copies
of the prospectus supplements relating to the exercise of the
Series W Warrants in the offer, together with the accompanying
prospectus included in the registration statements as of their
respective effective times, may be obtained from the SEC at
http://www.sec.gov, or from the Company at 60 E. 42nd Street, Suite
4600, New York, New York 10165, Telephone: (212) 949-4319.
About PAVmed
PAVmed Inc. is a highly differentiated, multiproduct medical
device company employing a unique business model designed to
advance products from concept to commercialization much more
rapidly and with significantly less capital than the typical
medical device company. This proprietary model enables PAVmed to
pursue an expanding pipeline strategy with a view to enhancing and
accelerating value creation. PAVmed’s diversified pipeline of
products address unmet clinical needs, have attractive regulatory
pathways and market opportunities and encompass a broad spectrum of
clinical areas including carpal tunnel syndrome (CarpX™),
interventional radiology (PortIO™ and NextCath™), pediatric ear
infections (DisappEAR™), medical infusions (NextFlo™ and
NextCath™), and tissue ablation and cardiovascular intervention
(Caldus™). The Company intends to further expand its pipeline
through engagements with clinician innovators and leading academic
medical centers. For further information, please visit
www.pavmed.com.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements, based upon the current beliefs and expectations of
PAVmed’s management, are subject to risks and uncertainties, which
could cause actual results to differ from the forward-looking
statements. Risks and uncertainties that may cause such differences
include, among other things, volatility in the price of PAVmed’s
common stock and Series W Warrants; the uncertainties inherent in
research and development, including the cost and time required
advance PAVmed’s products to regulatory submission; whether
regulatory authorities will be satisfied with the design of and
results from PAVmed’s preclinical studies; whether and when
PAVmed’s products are cleared by regulatory authorities; market
acceptance of PAVmed’s products once cleared and commercialized;
our ability to raise additional funding and other competitive
developments. PAVmed has not yet received clearance from the FDA or
other regulatory body to market any of its products. New risks and
uncertainties may arise from time to time and are difficult to
predict. All of these factors are difficult or impossible to
predict accurately and many of them are beyond PAVmed’s control.
For a further list and description of these and other important
risks and uncertainties that may affect PAVmed’s future operations,
see “Risk Factors” in the Offer to Exercise and Part I, Item IA,
“Risk Factors,” in PAVmed’s most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission, as the same may
be updated in Part II, Item 1A, “Risk Factors” in any Quarterly
Reports on Form 10-Q filed by PAVmed after its most recent Annual
Report. PAVmed disclaims any intention or obligation to publicly
update or revise any forward-looking statement to reflect any
change in its expectations or in events, conditions, or
circumstances on which those expectations may be based, or that may
affect the likelihood that actual results will differ from those
contained in the forward-looking statements.
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InvestorsLHA Investor RelationsKim
Sutton Golodetz, 212-838-3777kgolodetz@lhai.comorMediaPAVmed Inc.212-949-4319info@pavmed.com
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