Picard Medical Inc. (NYSE American: PMI) announced the pricing of a $5 million securities offering with institutional investors. The company will sell 16.7 million shares of common stock at $0.30 per share, along with accompanying warrants.

The offering includes Series A and Series B common warrants, each allowing the purchase of up to 16.7 million additional shares at an exercise price of $0.35 per share. Series A warrants expire in five years, while Series B warrants expire in 24 months. Both warrant series are exercisable immediately upon issuance.

WestPark Capital Inc. serves as the sole placement agent for the offering, which is expected to close on May 6, 2026, subject to customary closing conditions. The company plans to use proceeds for working capital and general corporate purposes, including paying off redemption payments on senior secured notes and working capital loans.

Picard Medical also agreed to exchange existing warrants for 7 million shares at $2.675 per share for new warrants covering 10 million shares at the reduced exercise price of $0.35 per share. The new warrants eliminate forced exercise provisions and anti-dilution protections from the original warrants.

The securities are being offered under an effective registration statement filed with the Securities and Exchange Commission on April 27, 2026, and declared effective on May 4, 2026.

Picard Medical is the parent company of SynCardia Systems, which manufactures the SynCardia Total Artificial Heart, approved by both the FDA and Health Canada. The device has been implanted in more than 2,100 patients across 27 countries.