Ekso Bionics Holdings (formerly PN Med Group), based in Santiago, Chile, announced that it completed an alternative public offering on January 15, in which exoskeleton designer and developer Ekso Bionics, Richmond, California, became a wholly owned subsidiary of Ekso Bionics Holdings and completed a $20.6 million private placement offering.
Concurrent with the completion of the alternative public offering, which was structured as a reverse merger, the company completed a closing of the sale of 30,300,000 units at a price of $1 per unit, resulting in $30.3 million in gross proceeds to the company (including the conversion of $5 million of bridge debt issued in November 2013, and before deducting commissions and expenses of the offering). In addition, the company’s board of directors adopted, and its stockholders approved, a 2014 equity incentive plan that provides for the issuance of incentive awards of up to 14,410,000 shares of the company’s common stock to officers, key employees, consultants, and directors.
Effective with the completion of the reverse merger, the board of directors consists of Steven Sherman, chairman; Nathan Harding, CEO; Daniel Boren; Marilyn Hamilton; and Jack Peurach.
The company said it will use net proceeds of the offering principally to expand its sales and marketing efforts, to sustain its research and development efforts, to pay off about $2.5 million in venture debt, and to pay general and administrative expenses.
