EDAP TMS SA (EDAP) said Tuesday that it has entered into definitive agreements with certain institutional investors for a registered direct placement of $12 million of ordinary shares in the form of American Depositary Shares at a price of $4.00 per share, with warrants attached.
The warrants issued to the investors will allow them to purchase up to 1.5 million ordinary shares. The warrants have an exercise price of $4.25 per share and are exercisable beginning six months from the date of their issuance for a period of five years.
The offering is expected to close on or about May 24.
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