In a recent SEC filing, Biotricity Inc (NASDAQ: BTCY), a healthcare technology company, has disclosed its plans to offer shares of common stock and pre-funded warrants. The company is set to sell these securities on a best-efforts basis, with the number of shares and the offering price per share yet to be determined.
The offering price assumes a value equal to the last sale price of Biotricity's common stock as reported by The Nasdaq Capital Market on a specified date in February 2024.
This strategic move also includes an option for purchasers who, as a result of the offering, would own more than 4.99% of the outstanding common stock. These purchasers can elect to buy pre-funded warrants instead, which would prevent their ownership from exceeding either 4.99% or 9.99%, based on their preference.
The pre-funded warrants are immediately exercisable for one share of common stock at a nominal exercise price of $0.0001 each and can be exercised at any time until they are fully exercised.
The cost of each pre-funded warrant will be the public offering price of the common stock minus $0.0001. Importantly, the availability of common stock is adjusted on a one-for-one basis for each pre-funded warrant sold. Moreover, the prospectus includes the common stock that may be issued upon the exercise of the pre-funded warrants sold in this offering.
The filing indicates that Biotricity is aiming to increase its financial flexibility and raise capital, although the specific use of the proceeds from this offering was not detailed in the SEC filing. The exact date of the offering and the number of securities to be sold will be established at a future time.
Investors and market observers are keeping a close eye on the company's activities, as these types of offerings can have implications for the company's stock performance and capital structure. The information regarding this offering is based on the press release statement filed with the SEC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.