Augmedix Priced of Upsized Public Offering of 6.25M Shares, up from Prior 5.5M at $4.00/Share
Portfolio Pulse from Benzinga Newsdesk
Augmedix, Inc. (NASDAQ:AUGX) has upsized its public offering to 6.25 million shares at $4.00 per share, up from the previously announced 5.5 million shares. The offering is expected to raise $25 million before fees and expenses. The company granted underwriters an option to purchase an additional 937,500 shares. The proceeds will fund sales and marketing, R&D, general and administrative costs, working capital, capital expenditures, and general corporate purposes, with a focus on accelerating its product roadmap for emergency department care solutions. The offering is set to close around November 20, 2023.
November 16, 2023 | 7:31 am
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Augmedix's upsized public offering could dilute existing shares but also provides capital for growth and product development, particularly in emergency department care solutions.
While the upsized offering may lead to short-term dilution of shares, the capital raised is intended for investments that could enhance the company's long-term prospects. The impact on the stock price in the short term is likely to be neutral as the market balances these factors.
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