The company sold about 23 million shares of its common stock at $0.95 per share, with pre-funded warrants to purchase 43.3 million shares of common stock for $0.949 per pre-funded warrant. The private placement is expected to close on or about Sept. 27.
Sonendo said in a Sept. 23 news release that it plans to use the funding on the commercialization and expansion of its product portfolio. It will also be used for working capital and other corporate purposes, the company said.
Pura Vida Investments, First Light Asset Management, Blue Water Life Science Advisors, ArrowMark Partners, Driehaus Capital Management and JMR Capital participated in the financing.
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