SS Innovations International, a developer of innovative surgical robotic technologies, has completed a private placement of its common stock which generated approximately $18.6 million in gross proceeds, before deducting offering expenses.
In the offering, the company offered and sold a total of 5,774,839 shares of common stock consisting of:
- an aggregate of 1,300,006 shares of common stock at an average price of $4 per share, or a total of approximately $5.2 million, to Dr Sudhir Srivastava, chairman and CEO ($2 million), Dr Frederic H. Moll, vice-chairman ($2 million), and Tim Adams, a director ($1.197 million); and
- an aggregate of 4,474,833 shares of common stock at $3 per share, or a total of approximately $13.4 million, to existing and new investors, led by Manipal Global Health Services, an existing shareholder.
SS Innovations intends to use the net proceeds from this financing for working capital and other general corporate purposes, including advancing the Company’s global expansion efforts. [Read more…] about SS Innovations completes $18.6 million private placement to support growth initiatives