Medigus: ScoutCam Announced Private Placement of $20 Million from Institutional Investors
March 24 2021 - 8:29AM
Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in
advanced medical solutions and innovative internet technologies,
announced today that ScoutCam Inc (OTCQB:SCTC), Medigus’ subsidiary
and a leading developer and manufacturer of customized micro visual
solutions and supplementary technologies, announced a private
placement of $20,000,000 from first tier Israeli institutional
investors. The closing of the private placement is expected to
occur by March 31, 2021. In connection with the private placement,
the board of directors of ScoutCam' resolved to take steps to
promote the uplisting to the Nasdaq Stock Market.
Net proceeds of the offering will be used by
ScoutCam to further advance its innovative products and technology
in the medical device sector and into the fields of
maintenance and predictive maintenance, a critical pillar of
Industry 4.0.
As part of the private placement, ScoutCam will
issue the investors 22,222,223 shares of common stock at a price of
$0.9 and 22,222,223 warrants to purchase shares of common stock at
an exercise price per share of $1.15.
Barak Capital Underwriting acted as the
placement agent in connection with the offering.
The private placement securities have not been
registered under the Securities Act of 1933, as amended (the
"1933 Act"), or under any state securities laws,
and may not be offered or sold, directly or indirectly, or
delivered within the United States or to, or for the account or
benefit of, U.S. persons (as defined in Regulation S under the 1933
Act) absent registration or an applicable exemption from the
registration requirements.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy the securities, nor
shall there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of such
state.
About ScoutCam
ScoutCam is a leading provider of customized
visual solutions for organizations across a variety of industries
in the form of highly resistant micro cameras and supplementary
technologies. ScoutCam devices are used across the medical,
aerospace, industrial, research and defense industries. For more
information please visit www.scoutcam.com.
About Medigus
Medigus is traded on the Nasdaq Capital Market.
To learn more about the company’s advanced technology, please
visit www.medigus.com.
Cautionary Note Regarding Forward Looking
Statements
This press release may contain statements that
are “Forward-Looking Statements,” which are based upon the current
estimates, assumptions and expectations of Medigus’ management and
its knowledge of the relevant market. The company has tried, where
possible, to identify such information and statements by using
words such as “anticipate,” “believe,” “envision,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “will,” “would,” “could,” “should,” “continue,”
“contemplate” and other similar expressions and derivations thereof
in connection with any discussion of future events, trends or
prospects or future operating or financial performance, although
not all forward-looking statements contain these identifying words.
For example, Medigus uses forward looking statements when
describing ScoutCam’s closing of the private placement or the
uplisting of ScoutCam’s securities. These forward-looking
statements represent Medigus’ expectations or beliefs concerning
future events, and it is possible that the results described in
this press release will not be achieved. By their nature,
Forward-Looking Statements involve known and unknown risks,
uncertainties and other factors which may cause future results of
the ScoutCam’s activity to differ significantly from the content
and implications of such statements. Other risk factors affecting
Medigus and ScoutCam are discussed in detail in the Medigus’
filings with the Securities and Exchange Commission.
Forward-Looking Statements are pertinent only as of the date on
which they are made, and Medigus undertakes no obligation to update
or revise any Forward-Looking Statements, whether as a result of
new information, future developments or otherwise. Neither Medigus
nor its shareholders, officers and employees, shall be liable for
any action and the results of any action taken by any person based
on the information contained herein, including without limitation
the purchase or sale of Medigus’ securities. Nothing in this press
release should be deemed to be medical or other advice of any
kind.
Contact (for media only)
Oz Adler Chief Financial Officer +972-8-6466-880
ir@medigus.com
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