CHF Solutions, Inc. Announces Closing of $18.0 Million Underwritten Public Offering
November 27 2017 - 4:15PM
CHF Solutions, Inc. (NASDAQ:CHFS) announced today the closing of an
underwritten public offering of Series F convertible preferred
stock, together with warrants, for gross proceeds of $18.0 million,
prior to deducting underwriting discounts and commissions and
offering expenses payable by CHF Solutions.
The offering was comprised of Series F preferred stock,
convertible into shares of the company’s common stock at a
conversion price of $4.50 per share. Each share of Series F
preferred stock was accompanied by a Series 1 warrant, which
expires on the first anniversary of its issuance, to purchase 223
shares of the company’s common stock at an exercise price of $4.50
per share, and a Series 2 warrant, which expires on the seventh
anniversary of its issuance, to purchase 223 shares of the
company’s common stock at an exercise price of $4.50 per
share. The Series F preferred stock and the warrants are
immediately separable and will be issued separately.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE MKT:LTS), acted as sole
book-running manager in connection with the offering.
A total of 18,000 shares of Series F preferred stock convertible
into approximately 4 million shares of common stock, and warrants
to purchase approximately 8 million shares of common stock were
issued in the offering.
The securities were offered pursuant to a registration statement
on Form S-1 (File No. 333-221010), which was declared effective by
the United States Securities and Exchange Commission (“SEC”) on
November 21, 2017 and an additional registration statement filed
pursuant to Rule 462(b), which became effective when filed.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. A
final prospectus relating to this offering was filed by CHF
Solutions with the SEC. Copies of the final prospectus can be
obtained at the SEC’s website at www.sec.gov or from Ladenburg
Thalmann & Co. Inc., Prospectus Department, 277 Park Avenue,
26th Floor, New York, New York 10172, by calling (212)
409-2000.
About CHF Solutions
CHF Solutions, Inc. (NASDAQ:CHFS) is a medical device company
focused on commercializing the Aquadex FlexFlow system for
Aquapheresis® therapy. The Aquadex FlexFlow system, is indicated
for temporary (up to eight hours) ultrafiltration treatment of
patients with fluid overload who have failed diuretic therapy, and
extended (longer than 8 hours) ultrafiltration treatment of
patients with fluid overload who have failed diuretic therapy and
require hospitalization. All treatments must be administered by a
healthcare provider, under physician prescription, both of whom
having received training in extracorporeal therapies. The company's
objective is to improve the quality of life for patients with heart
failure and related conditions. CHF Solutions is a Delaware
corporation headquartered in Minneapolis, Minnesota with wholly
owned subsidiaries in Australia and Ireland. The company has been
listed on the NASDAQ Capital Market since February 2012.
For further information, please contact:
Claudia Napal Drayton
Investor Relations Chief Financial Officer
CHF Solutions, Inc. CHF Solutions, Inc.
ir@chf-solutions.comT: +1-952-345-4205
-or-
Bret ShapiroCORE IR516 222
2560brets@coreir.comwww.coreir.com
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