PAVmed (PAVM) Prices 9.8M Share Common Offering for Gross Proceeds of Approx. $45M

February 23, 2021 9:03 AM EST

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PAVmed Inc. (NASDAQ: PAVM) today announced the pricing of its previously announced underwritten public offering (the “Offering”) of approximately 9.8 million shares of its common stock for gross proceeds of approximately $45 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by PAVmed. The Offering is expected to close on or about February 25, 2021, subject to customary closing conditions. In addition, PAVmed has granted the underwriter of the Offering a 30-day option to purchase up to approximately 1.5 million additional shares of its common stock.

PAVmed intends to use the net proceeds from the Offering to repay all of the Company’s outstanding debt, including all outstanding convertible notes (subject to our agreeing with the holder of such debt on the terms of repayment), with the balance to be used for working capital and general corporate purposes.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the Offering. Lake Street Capital Markets LLC and Maxim Group LLC acted as financial advisors to the Company.

The underwriter may offer the shares from time to time for sale in one or more transactions on the Nasdaq Capital Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On February 22, 2021, the last sale price of the shares as reported on the Nasdaq Capital Market was $5.55 per share.

The Offering is being made pursuant to a shelf registration statement (File No. 333-248709) declared effective by the Securities and Exchange Commission (“SEC”) on September 17, 2020. A preliminary prospectus supplement relating to the Offering and the accompanying prospectus have been filed with the SEC.



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