Petvivo Holdings, Inc. (NASDAQ:PETV), a company specializing in medical devices for pets, announced the termination of its at-the-market (ATM) sales agreement with ThinkEquity, LLC, effective as of last Thursday.
The agreement, which was initially established on August 23, 2023, allowed Petvivo to periodically sell shares of its common stock with a total offering price of up to $2.5 million.
Under the now-terminated agreement, Petvivo had successfully issued and sold 674,000 shares, resulting in net proceeds of approximately $959,033. This move to end the ATM agreement was a mutual decision between Petvivo and ThinkEquity.
The ATM sales agreement was part of a broader strategy by Petvivo to raise capital through the sale of its shares in the open market. The sales were conducted in accordance with Rule 415 of the Securities Act of 1933, which governs at-the-market offerings.
The details of the original ATM agreement were included in the company's Current Report on Form 8-K, which was filed with the Securities and Exchange Commission (SEC) on the date the agreement was first established.
For those seeking more comprehensive information about the terms of the agreement, the report is available for reference and was incorporated by reference into the latest announcement.
This termination comes after the company managed to raise capital through the issuance of shares, which may have provided it with the necessary funds to support its operations or growth initiatives. The company has not disclosed specific reasons for the termination or any plans for future financing.
Investors and interested parties can find more details on the original agreement and its termination by referring to the full text of the ATM Agreement filed with the SEC. The information presented in this article is based on Petvivo's statement in a recent SEC filing.
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