WALTHAM, Mass.–(BUSINESS WIRE)– NeuroMetrix, Inc. (Nasdaq:NURO) today reported that it has closed its previously announced underwritten public offering. The Company sold 147,000 units, with each unit consisting of one share of Series B convertible preferred stock and 99 warrants exercisable for 99 shares of common stock, at a public offering price of $100 per unit. The units immediately separated into Series B convertible preferred stock and warrants upon closing. Subject to certain ownership limitations, the Series B convertible preferred stock is convertible at any time into an aggregate of 14,553,000 shares of common stock at a conversion price of $1.0101 per share and the warrants are exercisable for an aggregate of 14,553,000 shares of common stock. The warrants have an exercise price of $1.25 per share, expire on May 29, 2020 and trade on The NASDAQ Capital Market under the symbol “NUROW”.
Maxim Group LLC acted as the sole book-running manager for the offering.