Vivos Therapeutics Closes $10M Public Offering
Ticker: VVOS · Form: 8-K · Filed: Jun 25, 2024 · CIK: 1716166
| Field | Detail |
|---|---|
| Company | Vivos Therapeutics, Inc. (VVOS) |
| Form Type | 8-K |
| Filed Date | Jun 25, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $2.5 million, $7.5 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: public-offering, financing, capital-raise
TL;DR
Vivos Therapeutics just closed a $10M public offering, cash infusion for R&D and growth.
AI Summary
On June 25, 2024, Vivos Therapeutics, Inc. announced the closing of its previously disclosed underwritten public offering. The company successfully raised approximately $10.0 million in gross proceeds before deducting underwriting discounts and commissions and other offering expenses. Vivos Therapeutics intends to use the net proceeds for general corporate purposes, including research and development, sales and marketing, and working capital.
Why It Matters
This capital infusion provides Vivos Therapeutics with additional funds to advance its business operations and product development, potentially impacting its market position and future growth.
Risk Assessment
Risk Level: medium — Public offerings can dilute existing shareholders and the use of proceeds for general corporate purposes carries inherent business risks.
Key Numbers
- $10.0M — Gross Proceeds (Raised from underwritten public offering)
Key Players & Entities
- Vivos Therapeutics, Inc. (company) — Registrant
- June 25, 2024 (date) — Closing date of public offering
- $10.0 million (dollar_amount) — Gross proceeds from public offering
FAQ
What was the total amount of gross proceeds raised in the public offering?
The company raised approximately $10.0 million in gross proceeds before deducting underwriting discounts and commissions and other offering expenses.
What is the intended use of the net proceeds from the offering?
Vivos Therapeutics intends to use the net proceeds for general corporate purposes, including research and development, sales and marketing, and working capital.
When did Vivos Therapeutics announce the closing of its public offering?
The closing of the underwritten public offering was announced on June 25, 2024.
What type of offering was this for Vivos Therapeutics?
This was an underwritten public offering.
What is the company's principal executive office address?
The address of Vivos Therapeutics' principal executive offices is 7921 Southpark Plaza, Suite 210, Littleton, Colorado 80120.
Filing Stats: 826 words · 3 min read · ~3 pages · Grade level 13.7 · Accepted 2024-06-25 16:30:24
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share VVOS The Nasdaq Stock Mar
- $2.5 million — quires stockholders' equity of at least $2.5 million (the " Equity Requirement "). As a re
- $7.5 million — As a result of a previously reported $7.5 million private placement completed by the Comp
Filing Documents
- form8-k.htm (8-K) — 37KB
- 0001493152-24-025102.txt ( ) — 209KB
- vvos-20240625.xsd (EX-101.SCH) — 3KB
- vvos-20240625_lab.xml (EX-101.LAB) — 33KB
- vvos-20240625_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange act of 1934 Date of Report (Date of earliest event reported): June 25, 2024 Vivos Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 001-39796 81-3224056 (State or other jurisdiction of incorporation or organization) (Commission file number) (IRS Employer Identification No.) 7921 Southpark Plaza , Suite 210 Littleton , Colorado 80120 (Address of principal executive offices) (Zip Code) (844) 672-4357 ( Registrant's telephone number, including area code ) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share VVOS The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 8.01 Other Information As previously reported, on May 16, 2024, Vivos Therapeutics, Inc. (the " Company ") received written notice (the " Notice ") from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (" Nasdaq ") of the Staff's determination that, as of March 31, 2024, the Company failed to comply with Nasdaq Listing Rule 5550(b)(1), which requires stockholders' equity of at least $2.5 million (the " Equity Requirement "). As a result of a previously reported $7.5 million private placement completed by the Company on June 10, 2024, the Company believes it has stockholders' equity of at least $2.5 million as of the date of the filing of this Current Report on Form 8-K. The Company has a hearing scheduled before a Nasdaq Hearings Panel (the "Panel") on June 27, 2024, at which the Company plans to address its past, current, and anticipated future compliance with the Equity Requirement and request the continued listing of the Company's securities on Nasdaq. The Company anticipates receipt of the Panel's decision within 30 days of the hearing. An adverse holding would lead the Company to again be subject to delisting from Nasdaq. The Company further believes that it will need to raise additional equity capital to evidence continued compliance with the Equity Requirement. There is a risk that the Company will be unable to raise sufficient capital to demonstrate such compliance. If the Company fails to achieve ongoing compliance and its common stock is delisted by Nasdaq, such delisting could have a material adverse effect on the Company's stock price, the ability of its stockholders to buy or sell their common stock, the ability of the Company to raise capital and on the Company's reputation, all of which could make it significantly more difficult to operate the Company. Cautionary Note Regarding Forward Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are characterized by future or conditional verbs such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "continue" and similar words. Such statements are only predictions and actual events or results may differ materially from those anticipated in these forward-looking statements. You should not place undue reliance on any forward-looking statements. In this report, such forward-looking statements relate to the Company's efforts to maintain compliance with the Minimum Stockholders' Equity Requirement and the results of the pending Nasdaq Hearing Panel. There can be no assurance that the Company will be able to maintain such compliance, and the inability of the Company to maintain such compliance would lead to the delisting of the Company from Nasdaq. The Company does not assume any ob