LogicMark, Inc. (Nasdaq: LGMK), a provider of personal emergency response systems (PERS), health communications devices, and technology for the growing care economy, has closed its above-market underwritten public offering of $5.2 million worth of stock.

The company offered had two offerings available. First was 10,585,000 units of stock, with each unit consisting of one share of common stock and one warrant to purchase one and one-half shares of common stock. Second was 3,440,000 pre-funded units, with each pre-funded unit consisting of one pre-funded warrant to purchase one share of common stock and one warrant to purchase one and one-half shares of common stock. Each unit was sold at a public offering price of $0.371 and each pre-funded unit was sold at the public offering price per unit, minus $0.001.

The warrants in the units and pre-funded units will be immediately exercisable at a price of $0.371 per share and will expire five years from the date of issuance. The shares of common stock (or pre-funded warrants in lieu thereof) and accompanying warrants included in the units and in the pre-funded units could only be purchased together in the offering but were issued separately and were immediately separable upon issuance. Gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses and excluding the proceeds from the exercise of any of the warrants or pre-funded warrants were approximately $5.2 million.

In addition, LogicMark has granted the underwriters a 45-day option to purchase up to an additional 2,103,750 shares of common stock and/or pre-funded warrants, and/or warrants to purchase up to 3,155,625 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount, and Maxim Group LLC partially exercised its option to purchase an additional 815,198 warrants at $0.01 per warrant, for additional gross proceeds of $8,151.

Maxim Group LLC acted as sole book-running manager for the offering.

LogicMark’s stock, like many in the industry, has suffered in recent years. In early 2018, the company’s stock sold for $24.70 per share. The stock at market close on January 25, 2023 was just $0.23 cents per share. The company’s ownership has changed over the years. Back in 2016, LogicMark was acquired by NXT-ID for $20 million.  Back in 2012, SSI Hall of Famer Ben Cornett was among the acquirers of LogicMark.

The offering was conducted pursuant to the LogicMark’s registration statement on Form S-1 (File No. 333-268688), as amended and subsequently declared effective by the Securities and Exchange Commission, on January 23, 2023. A final prospectus relating to the offering was filed with the SEC on January 25, 2023 and is available on the SEC’s website.

If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!

Related Content