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Ra Medical enters agreement to raise $6.2M, plans merger with Catheter Precision

July 22, 2022 By Danielle Kirsh

Ra Medical SystemsRa Medical Systems today announced a reduction in the exercise price of all existing warrants issued in February and has entered into a non-binding term sheet to merge with Catheter Precision.

The price reduction affects all existing warrants issued in the February 2022 public offering, consisting of Series A warrants and Series B warrants, from 50¢ per share to 28¢ per share.

Carlsbad, California-based Ra Medical entered into warrant inducement offer letters with certain investors to immediately exercise up to an aggregate of 22.2 million of the Series A warrants held by the investors at a price of 28¢.No investors elected to exercise any Series B warrants.

Investors who exercise Series A warrants will receive additional Series C warrants to purchase 100% of the shares exercised pursuant to the Series A warrants, which will have an exercise price of 28¢ and a term of five years.

Ra Medical anticipates approximately $6.2 million gross proceeds from the Series A warrants.

The excimer laser and catheter maker also signed a non-binding agreement with Catheter Precision to acquire 100% of the outstanding equity interests of the Ledgewood, N.J.-based company. Through the deal, Catheter Precision security holders would own 83.3% of the equity and equity holders of Ra Medical would own 16.7% of the equity of the merged companies on a fully diluted basis.

Ra Medical said the proposed business combination would give its investors exposure to Catheter Precision’s line of cardiac arrhythmia treatment devices.

Filed Under: Catheters Tagged With: Catheter Precision, Ra Medical Systems

About Danielle Kirsh

Danielle Kirsh is an award-winning journalist and senior editor for Medical Tubing + Extrusion, Medical Design & Outsourcing and MassDevice. She received her bachelor's degree in broadcast journalism and mass communication from Norfolk State University and is pursuing her master's in global strategic communications at the University of Florida. You can connect with her on Twitter and LinkedIn, or email her at dkirsh@wtwhmedia.com.

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