Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 27

PAVmed Announces Temporary Offer Allowing Warrants to Be Exercised at a Reduced Price

Posted by fidest press agency su venerdì, 29 dicembre 2017

New York. New York maker fairePAVmed Inc. (Nasdaq: PAVM, PAVMW) (the “Company”), a highly differentiated, multiproduct medical device company, announced that it intends to temporarily reduce the exercise price of the Company’s outstanding Series W Warrants (Nasdaq: PAVMW, the “Warrants”) to $2.50 per share. The Company intends to file tender offer materials (the “Offer”) providing the holders of certain warrants the opportunity to exercise their warrants at the temporarily reduced cash exercise price.
Each of the Company’s outstanding Warrants is currently exercisable for one share of PAVmed Common Stock (the “Common Stock”) at an exercise price of $5.00 per share. Pursuant to the Offer, the Warrants will be temporarily exercisable at an exercise price of $2.50 per share, or 50% of the current exercise price. Specifically, each holder of Series W Warrants (the “Warrants”) will be entitled to receive one share of PAVmed Common Stock (the “Common Stock”) for each Warrant tendered along with $2.50 in cash. The company anticipates the Offer will be good for a period of 20 business days, but the Company may extend the offer at its sole discretion. In order to participate in the Offer and exercise Warrants at the reduced exercise price, the holders must tender the Warrants along with the requisite cash prior to the expiration of the Offer. Any Warrants not tendered in the Offer will revert to their original $5.00 exercise upon expiration of the Offer.
PAVmed is providing this opportunity to exercise warrants at a reduced price in order to encourage holders to exercise a meaningful portion of the outstanding Warrants, providing the Company with additional capital to advance its lead products, particularly its CarpX™ minimally invasive carpal tunnel syndrome device, through important near-term regulatory and commercialization milestones. The Company believes holders will find the Offer compelling given current market conditions.In the coming days, the Company intends to file the Offer along with an amendment to the effective registration statement previously filed on Form S-1, which registered the shares of Common Stock underlying the Warrants.

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