Vivos Therapeutics plans rights offering to raise capital

Vivos Therapeutics Inc. (NASDAQ: VVOS) announced its intent to file a registration statement with the Securities and Exchange Commission for a proposed rights offering that would distribute transferable subscription rights to shareholders as a dividend.

The medical device company expects to file the registration statement and distribute rights to shareholders 30 days after the SEC declares the statement effective. Each right would entitle holders to purchase one share of common stock at an exercise price of either $1.25 per share or 20% above the market price on the day before the record date, whichever is greater.

The rights would be exercisable for nine months and are intended to be listed for trading on a securities exchange, subject to regulatory requirements. Upon exercise, holders would receive an additional nine-month right with an exercise price of either $1.75 per share or 40% above the market price on the day before the record date.

The offering remains subject to multiple conditions including SEC approval of the registration statement, compliance with exchange rules, availability of sufficient authorized shares, board approval, and prevailing market conditions. The company may need to amend its certificate of incorporation and obtain shareholder approval if insufficient authorized shares are available.

"We are pleased to move forward with our plans to prepare a registration statement for a proposed rights offering, which, if completed, is intended to provide the Company with additional capital to support its operations and general corporate purposes," said R. Kirk Huntsman, Chief Executive Officer.

Vivos Therapeutics develops medical devices for treating breathing-related sleep disorders, including obstructive sleep apnea. The company's devices have received FDA clearance for treating various severity levels of sleep apnea in adults and children.

The company stated it reserves the right to modify, postpone, or terminate the proposed rights offering at any time prior to completion.

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