Inspire Veterinary announces up to $10M in financing

Inspire Veterinary (IVP) Partners entered into a securities purchase agreement for the issuance and sale of securities under a new convertible preferred stock transaction. The consideration, consisting of a combination of cash and transferred securities, was valued at $1.00 per share. The gross proceeds to the Company from the offering are expected to be up to $10 million, including $6 million expected to be received through the investment of cash and securities at the first closing, and up to $4 million of cash that may be funded at one or more additional closings, at the election of the investors. The Company intends to use the net proceeds from the offering for general working capital and acquisitions of additional veterinary practices. The proceeds will also help to address current Nasdaq deficiencies around Shareholders Equity and extend cash on hand to maintain operations and extend runway.