Vivos Therapeutics Inc. (NASDAQ: VVOS) stock surged by 4.98% at last close whereas the VVOS stock price declines by 10.96% during the after-hour session. There is no recent news available regarding this plunge in VVOS share price. Vivos Therapeutics Inc. is a medical research corporation dedicated to designing and selling novel therapies for people suffering from sleep disorders such as obstructive sleep apnea (OSA).
Vivos claims that its Vivos System platform is the first scientifically efficient non-surgical, non-invasive, non-pharmaceutical, and cost-effective non-surgical, solution for people with mild-to-moderate OSA. The Vivos System expands airway space and can greatly minimize symptoms and conditions associated with mild-to-moderate OSA by combining technology and protocols that can change the scale, form, and location of upper human airway tissues. The Vivos System has been shown to greatly reduce Apnea-Hypopnea Index scores as well as improve other OSA-related conditions.
What is happening?
Vivos Therapeutics recently disclosed the pricing of its underwritten follow-on public offering of 4,000,000 shares of its common stock at a public offering price of $6.00 per share, on May 6, 2021. Vivos is projected to receive $24 million in net proceeds from the public offering before deducting underwriting fees, bonuses, and other projected offering expenses. It’s also worth noting that Vivos has given the underwriters a 45-day option to buy up to 600,000 additional shares of common stock to offset any over-allotments.
The boo-running manager and also the representative of the underwriters for this offering will only be Roth Capital Partners. Whereas the ones working as the co-managers for this offering is National Securities Corporation and Craig-Hallum Capital Group
On May 6, 2021, the Securities and Exchange Commission declared these securities’ registration statements on Form S-1 valid. However, the final prospectus about this offering will be filed with SEC.