Edap Tms SA Raises $11.5 Million From Direct Placement

Edap Tms SA (ADR) EDAP disclosed that it struck definitive deals with some institutional investors for direct placement of 3.28 million ordinary shares. According to the company, the price of a share would be $3.50. That works out to $11.5 million. Edap also indicated that the investors would get warrants to buy a maximum of 3.28 million ordinary shares. In a statement, the company indicated that the warrants would have an exercise price of $4.50 a share. The warrants should be exercisable after six months of the issue and remains for a period of two years. The company said that the offer would close on or before April 14, subject to closing conditions. Edap said that H.C. Wainwright & Co. was the exclusive placement agent for the offering. The stock was losing 8.4% on Thursday morning after the financing plan news.