PAVmed Units to Separate into Common Stock and Warrants on July 27
-Common Stock (Nasdaq:PAVM) and Warrants (Nasdaq:PAVMW) will trade separately-
-Units (Nasdaq:PAVMU) will cease trading upon separation-
NEW YORK--(BUSINESS WIRE)-- PAVmed Inc. (Nasdaq:PAVMU), a highly differentiated, multi-product medical device company, announced today that the common stock and warrants underlying the units sold in its initial public offering would commence separate trading on or about July 27, 2016. The common stock and warrants will be listed on the Nasdaq Capital Market (“Nasdaq”) under the symbols PAVM and PAVMW, respectively. The units, which are currently trading on Nasdaq under the symbol PAVMU, will no longer be listed or trade following the separation.
PAVmed completed its initial public offering of 1,060,000 units at an offering price of $5.00 per unit on April 28, 2016. Each unit consisted of one share of common stock and one warrant. Each warrant entitles the holder to purchase one share of common stock at a price of $5.00 per share. The warrants will become exercisable commencing on October 28, 2016.
PAVmed Inc. (Nasdaq:PAVMU) is a highly differentiated, multi-product medical device company employing a unique business model designed to advance products from concept to commercialization much more rapidly and with significantly less capital than the typical medical device company. This proprietary model enables PAVmed to pursue an expanding multi-product pipeline strategy with a view to enhancing and accelerating value creation. PAVmed’s diversified pipeline of products address unmet clinical needs, have attractive regulatory pathways and market opportunities and encompass a broad spectrum of clinical areas including carpal tunnel syndrome (CarpX™), medical infusions (NextFlo™ and NextCath™), interventional radiology (PortIO™ and NextCath), tissue ablation and cardiovascular intervention (Caldus™). The Company intends to further expand its pipeline through engagements with clinician innovators and leading academic medical centers. For further information, please visit www.pavm.com.
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Such risks and uncertainties include, among other things, the uncertainties inherent in research and development, including regulatory submission dates; whether regulatory authorities will be satisfied with the design of and results from our pre-clinical studies; whether and when our applications may be approved by regulatory authorities; and other competitive developments. PAVmed has not yet sought or received clearance from the FDA or other regulatory body to market any of its products.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160726005172/en/
For PAVmed Inc.
Matthew Ventimiglia, 212-599-1265
Erich Sandoval, 917-497-2867
Source: PAVmed Inc.
Released July 26, 2016