Vivos Therapeutics Closes $4 Million Private Placement

LITTLETON, Colo., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Vivos Therapeutics, Inc. (“Vivos” or the “Company”) (NASDAQ: VVOS), a medical technology company focused on developing innovative treatments for patients suffering from dentofacial abnormalities and/or mild-to-moderate obstructive sleep apnea (OSA) and snoring in adults, announced that today it has closed a $4 million private placement previously announced on October 31, 2023.

After deducting estimated offering expenses, Vivos expects the net proceeds from the private placement will be approximately $3.5 million. Vivos intends to use the net proceeds from the offering for general working capital.

In the private placement, Vivos issued to a single institutional investor 980,393 shares of its common stock (or pre-funded warrants in lieu thereof) at a purchase price of $4.08 per share. In addition, Vivos issued to the investor a five-year Series A Warrant to purchase up to an aggregate of 980,393 shares of common stock and an eighteen (18) month Series B Warrant to purchase up to an aggregate of 980,393 shares of common stock. The Series A and Series B Warrants have an exercise price of $3.83 per share and are exercisable immediately following the date of issuance. Vivos believes that the short-term Series B Warrant provides Vivos with an opportunity for additional capital over the next 18 months, although no assurances can be given that such Series B Warrant will be exercised for cash or at all.

A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.

The offer and sale of the foregoing securities was made in a transaction not involving a public offering, and the securities have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to an agreement to be entered into with the investor, the Company agreed to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) covering the resale of the shares of common stock (including the shares of common stock underlying the pre-funded warrants and Series A and Series B warrants) issued to the investor no later than 20 days after November 2, 2023 and to use commercially reasonable efforts to have the registration statement declared effective as promptly as practicable thereafter, and in any event no later than 60 days after the filing of the initial registration statement in the event of a “full review” by the SEC.