Ra Medical Systems, Inc. (NYSE:RMED) (“Ra Medical” or the “Company”) announces the completion of its at-the-market (ATM) facility, raising gross proceeds of $7.6 million. The Company sold 1,072,246 shares of common stock at a weighted average price of $7.09 per share, as adjusted for a reverse split effected September 30, 2022, resulting in net proceeds of approximately $7.4 million after deducting sales commissions.
As of October 10, 2022, the Company had 2,161,429 shares of common stock outstanding. Ladenburg Thalmann & Co. Inc. served as the sales agent for the ATM.
“Proceeds from this offering help us meet the conditions of the proposed merger with Catheter Precision, and are another step toward bringing our shareholders the value of their groundbreaking electrophysiology technology to improve the treatment of cardiac arrhythmias,” said Will McGuire, Ra Medical CEO. “We are currently evaluating the next step in our plan to raise sufficient funds to satisfy the net cash merger condition and other liquidity needs, and we plan to file a definitive proxy for a Special Meeting of Stockholders to vote on the proposed merger as soon as we have cleared the Securities and Exchange Commission (“SEC”) comment process. Assuming the merger proposal passes in the anticipated timeframe and the other conditions under the merger agreement are satisfied, we continue to expect the transaction will be completed by the end of 2022.”
The shares in the ATM offering were sold pursuant to a shelf registration statement declared effective by the SEC on February 3, 2021 and a prospectus supplement filed with the SEC on September 2, 2022.
