Novo Integrated Sciences (NVOS) Prices $8.0 Million Registered Direct Offering

April 9, 2021 8:57 AM EDT

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Novo Integrated Sciences, Inc. (NASDAQ: NVOS) (the “Company” or “Novo Integrated Sciences”), a U.S.-based provider of multidisciplinary primary healthcare in Canada, today announced it has entered into a securities purchase agreement with certain accredited institutional investors to purchase approximately $8.0 million of its common stock in a registered direct offering and warrants to purchase common stock in a concurrent private placement. The combined purchase price for one share of common stock and each warrant will be $3.35.

Under the terms of the purchase agreement, Novo Integrated Sciences has agreed to sell 2,388,050 shares of its common stock and warrants to purchase up to an aggregate of 2,388,050 shares of common stock. The warrants will be immediately exercisable, will expire on the five year and six-month anniversary of the issuance date and will have an exercise price of $3.35 per share.

Novo Integrated Sciences expects the net proceeds from the registered direct offering and concurrent private placement to be approximately $7,258,500 after deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or about April 13, 2021, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the sole placement agent in connection with the offering.

The shares of common stock are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-254278), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on March 22, 2021. The warrants issued in the concurrent private placement and shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.

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