NeurAxis, Inc. Announces Successful Pricing of its $6.5 Million Initial Public Offering
Lucosky Brookman’s client NeurAxis, Inc. (AMEX: NRXS), a pioneering medical technology company specializing in the development of innovative neuromodulation therapies aimed at addressing chronic and debilitating conditions in both children and adults, has successfully priced its underwritten initial public offering. Lucosky Brookman is pleased to represent NeurAxis in this pivotal moment.
The highly anticipated IPO involved the offering of 1,166,667 shares of common stock at an initial public offering price of $6.00 per share. This achievement is poised to provide NeurAxis with a significant boost, with expected gross proceeds of approximately $6,500,000 from the offering, prior to accounting for underwriting discounts, commissions, and estimated offering expenses payable by the Company. Furthermore, NeurAxis has also granted the underwriters a 45-day option to acquire up to an additional 175,000 shares of common stock at the initial public offering price, with the underwriting discount applied.
Investors and market enthusiasts will have the opportunity to engage with NeurAxis on a new level, as the shares are scheduled to commence trading on The NYSE American under the ticker symbol "NRXS". The IPO's closing is projected to take place on August 11, 2023, subject to customary closing conditions being met.
Lucosky Brookman is honored to stand alongside NeurAxis in this transformative moment, and we extend our heartfelt congratulations to the entire NeurAxis team for reaching this significant milestone. We recognize the significance of NeurAxis' journey in advancing neuromodulation therapies to enhance the lives of individuals suffering from chronic and debilitating conditions.
The net proceeds from this IPO will play a crucial role in driving NeurAxis' growth and expansion plans. The Company has outlined a strategic allocation of the net proceeds towards various key areas, including sales and marketing activities, furthering research and development efforts, facilitating payments to executive officers as outlined in their respective employment agreements, and supporting general corporate endeavors. This well-rounded approach signifies NeurAxis' dedication to continuous innovation and its commitment to positively impacting the lives of those in need.