Vapotherm announced that it has entered into a securities purchase agreement with a select group of institutional and accredited investors through a private placement financing for gross proceeds of approximately $23M, before deducting fees to the placement agent and other offering expenses. Pursuant to the Purchase Agreement, the company agreed to issue 17,502,244 shares of its common stock and pre-funded warrants to purchase up to 4,402,508 shares of its common stock. The pre-funded warrants will have a term of 30 years and an exercise price of $0.001 per share. In addition, the company agreed to issue accompanying warrants to purchase one share of common stock for each share of common stock or pre-funded warrant to be purchased by the investors. The warrants will be exercisable immediately upon issuance, in whole or in part, at an exercise price of $1.17 per share and will have a 5-year life. The closing is expected to occur on February 10, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from the offering primarily for sales and marketing, working capital, and other general corporate purposes. William Blair & Company acted as the sole placement agent for this offering
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