Motus GI Holdings announces exercise of warrants for $2.7M gross proceeds

Motus GI Holdings has entered into a definitive agreement for the immediate exercise of an outstanding Series B common stock purchase warrant held by an institutional investor to purchase an aggregate of 2,933,334 shares of the Company’s common stock for gross proceeds to the Company of approximately $2.7 million. As part of this transaction, the investor agreed to exercise the existing Series B common stock purchase warrant at a revised exercise price of $0.925 per share. The shares of common stock issuable upon exercise of the warrant were registered pursuant to an effective registration statement on Form S-1. In consideration for the immediate exercise of the existing warrant for cash, the Company has agreed to issue to the investor two new unregistered warrants, each to purchase 2,200,000 and 2,200,001 shares of common stock at an exercise price of $0.74 per share, respectively. The new warrants will be exercisable immediately upon issuance. Such warrants are identical, except that the first 2,200,000 warrants have a term of five years from the date of issuance and the second 2,200,001 warrants have a term of eighteen months from the date of issuance. A.G.P./Alliance Global Partners is acting as the exclusive financial advisor in connection with the offering. The transaction is expected to close no later than February 26, 2024, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds from the exercise for working capital and general corporate purposes.