Friday, Medis Technologies Ltd. (MDTL) announced that it has entered into definitive agreements to sell securities to selected institutional investors for aggregate gross proceeds of $29 million. The offering, declared effective by the SEC on April 24, 2008, is expected to close on or about June 24, 2008.
Medis said it intends to use the net proceeds from the offering for working capital and general corporate purposes.
The securities in the offering include up to about 6.82 million shares of Medis' common stock and five year warrants to purchase up to about 2.94 million shares of Medis common stock at an exercise price of $5.50 per share.
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (RODM), acted as the exclusive placement agent for the offering.
Medis is currently trading at $3.64, down $1.36 or 27.20%.
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