Amedica Corporation (NASDAQ:AMDA), a company that develops and commercializes silicon nitride ceramics, today announced it has closed the underwritten public offering of $12.7 million at a price to the public of $1.00 per unit of one share and one warrant, which included the exercise in full of the underwriters’ over-allotment option to purchase additional shares and warrants.
Amedica issued a total of 3,608,000 Class A units, each comprised of one share of common stock and one warrant to purchase one share of common stock and 7,392 Class B units, each comprised of one share of preferred stock convertible into 1,000 shares of common stock and warrants to purchase 1,000 shares of common stock. In total, Amedica issued 3,608,000 shares of common stock, 7,392 shares of preferred stock convertible into 7,392,000 shares of common stock, and warrants to purchase 11,000,000 shares of common stock. Additionally, the underwriters have exercised their option to purchase 1,650,000 additional shares of common stock and warrants to purchase up to an additional 1,650,000 shares of common stock at the public offering price per share and warrant less the underwriting discounts and commissions.
Gross proceeds to Amedica were approximately $12.7 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Amedica. The conversion price of the preferred stock issued in the transaction as well as the exercise price of the warrants are fixed priced and do not contain any variable pricing features nor any price based anti-dilutive features. The preferred stock issued in this transaction includes a beneficial ownership blocker but has no dividend rights (except to extent dividends are also paid on the common stock), liquidation preference or other preferences over common stock. The securities comprising the units are immediately separable and will be issued separately. (Original Source)
Shares of Amedica are currently trading at $0.89, up $0.01 or 1.10%. AMDA has a 1-year high of $12.59 and a 1-year low of $0.83. The stock’s 50-day moving average is $1.33 and its 200-day moving average is $1.75.
Amedica Corp. operates as a commercial biomaterial company that focuses on using its silicon nitride technology platform to develop, manufacture and sell a broad range of medical devices. The company currently markets spinal fusion products and are developing products for use in total hip and knee joint replacements. The company market a complementary line of non-silicon nitride spinal fusion products which allows it to provide surgeons and hospitals with a broader range of products. These products include three lines of spinal fusion devices and five types of orthobiologics, which are used by surgeons to help promote bone growth and fusion in spinal fusion procedures.