LogicMark, Inc. (NASDAQ:LGMK) today announced the pricing of its above market underwritten public offering of (i) 10,585,000 units, with each unit consisting of one share of common stock and one warrant to purchase one and one-half shares of common stock and (ii) 3,440,000 pre-funded units, with each pre-funded unit consisting of one pre-funded warrant to purchase one share of common stock and one warrant to purchase one and one-half shares of common stock. Each unit is being sold at a public offering price of $0.371 and each pre-funded unit is being sold at the public offering price per unit, minus $0.001. The warrants in the units and pre-funded units will be immediately exercisable at a price of $0.371 per share and will expire five years from the date of issuance. The shares of common stock (or pre-funded warrants in lieu thereof) and accompanying warrants can only be purchased together in this offering but will be issued separately and will be immediately separable upon issuance. Gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $5.2 million.
LogicMark has also granted the underwriters an option to purchase, in any combination, an additional 1,587,750 shares of common stock, additional pre-funded warrants to purchase up to 516,000 shares of common stock, and/or additional warrants to purchase up to 3,155,625 shares of common stock, to cover over-allotments, if any. The offering is expected to close on January 25, 2023, subject to customary closing conditions.
Maxim Group LLC is acting as sole book-running manager in connection with this offering.
