Skyline Medical (SKLN) Files to Offer Common Stock and Warrants

November 29, 2016 5:14 PM EST
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Skyline Medical (NASDAQ: SKLN) disclosed in an SEC filing:

We are offering to three institutional investors up to 756,999 shares of our common stock, par value $0.01 per share, and Series C Warrants to purchase up to an aggregate of 756,999 shares of our common stock, par value $0.01 per share, pursuant to this prospectus supplement and the accompanying prospectus. The common stock and Series C Warrants will be sold in units (the “Units”), with each unit consisting of one share of common stock and a Series C Warrant to purchase one share of our common stock at an exercise price of $4.46 per share. Each unit will be sold at a purchase price of $2.62. Units will not be issued or certificated. The shares of common stock and Series C Warrants are immediately separable and will be issued separately.

Our common stock is listed on The NASDAQ Capital Market under the symbol “SKLN.” The last reported per share price for our common stock was $4.335, as quoted on The NASDAQ Capital Market on November 25, 2016. There is no established public trading market for the offered Series C Warrants and we do not expect a market to develop. In addition, we do not intend to apply for listing of the Series C Warrants on any national securities exchange.

As of November 22, 2016, the aggregate market value of our outstanding common stock held by our non-affiliates, as calculated pursuant to the rules of the Securities and Exchange Commission, was $17,360,138. Pursuant to General Instruction I.B.6 of Form S-3 (“Instruction I.B.6”), in no event will we sell securities in a public primary offering with a value exceeding more than one-third of our “public float” (the market value of our common stock held by our non-affiliates) in any 12-month period so long as our public float remains below $75,000,000. We have not sold any of our common stock or securities convertible into our common stock during the 12 calendar months prior to and including the date of this prospectus pursuant to Instruction I.B.6.

We have retained Dawson James Securities, Inc. as our exclusive placement agent to use its best efforts to arrange for the sale of our securities in this offering. See “Plan of Distribution” beginning on page S-14 of this prospectus supplement for more information regarding these arrangements.



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