SS Innovations completes $18.6 million private placement

SS Innovations International Inc. (NASDAQ: SSII) completed a private placement of common stock on March 6, generating approximately $18.6 million in gross proceeds before expenses, according to a company statement.

The surgical robotics company sold 5,774,839 shares in two tranches. Company executives purchased 1,300,006 shares at an average price of $4.00 per share for $5.2 million total. Chairman and CEO Dr. Sudhir Srivastava invested $2.0 million, Vice-Chairman Dr. Frederic H. Moll contributed $2.0 million, and director Tim Adams invested $1.197 million.

Existing and new investors, led by Manipal Global Health Services, purchased 4,474,833 shares at $3.00 per share for approximately $13.4 million.

SS Innovations plans to use the net proceeds for working capital and general corporate purposes, including global expansion efforts. The company expects the U.S. Food and Drug Administration to complete its review of the 510(k) premarket notification for the SSi Mantra surgical robotic system by mid-2026.

In connection with a $2.5 million investment by one non-affiliate investor, the company will pay a FINRA member firm a $175,000 cash commission and issue five-year warrants to purchase 41,667 shares at $3.45 per share.

The Fort Lauderdale-based company develops surgical robotic technologies and operates primarily in India. Its SSi Mantra system has been used in more than 100 different surgical procedures in India, according to the company.

The securities sold in the private placement were not registered under the Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

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