Medlab Clinical Ltd (ASX:MDC) has confirmed the public filing of a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) in relation to a proposed US public offering (Offering) of new securities in connection with the dual listing of Medlab.
Medlab has applied to list its securities on Nasdaq Capital Market under the ticker symbol “MDLB”.
Medlab is an Australian biotechnology company that is developing therapeutics using its proprietary, next-generation delivery platform, NanoCelle. With NanoCelle the company has launched and is investigating a broad range of prescription and non-prescription solutions for unmet patient needs across a variety of therapeutic areas including pain management, mental health, gut health, diabetes, and allergies.
The company’s ordinary shares are listed, and upon the completion of the Offering, will continue to trade on the Australian Securities Exchange under the symbol “MDC”.
EF Hutton, division of Benchmark Investments, LLC, or EF Hutton, is acting as the sole book-running manager in the Offering.
Under the Offering Medlab proposes to issue:
- 1,797,752 Share Units at a price of US$4.45 consisting of one ordinary share priced at US$4.45 and one warrant to purchase one ordinary share (Share Purchase Warrant) exercisable at an assumed exercise price of US$4.45 per share; and
- 1,797,752 pre-funded units priced at US$4.4999 consisting of one pre-funded warrant to purchase one ordinary share with an exercise price of US$0.0001 per share and Share Purchase Warrant with an exercise price of US$0.0001 per share.
Medlab has also granted the Underwriter a 45-day option to purchase up to an additional 269,662 Shares or Share Purchase warrants to cover over-allotments.
Medlab will also issue to the Underwriter warrants to purchase a number of Shares equal to an aggregate of 2.0% of the Shares and/or Pre-Funded Warrants sold in the offering. The exercise price of the underwriter’s warrants is equal to US$4.45. The underwriter’s warrants are exercisable beginning six months from the date of issuance, from time to time, in whole or in part, within five years commencing from the date of issuance.
Medlab estimates that the net proceeds from the sale of the Shares that are being sold in the Offering will be approximately US$7.0 million (or approximately US$8.1 million if the underwriter’s option to purchase additional Shares is exercised in full), based upon an assumed initial public offering price of US$4.45 per Share Unit (or US$4.4999 per Pre-Funded Warrant Unit), after deducting underwriting discounts and commissions and estimated offering expenses payable by the company.
