MRI Interventions Enters At-The-Market Equity Offering Sales Agreement

On November 7, 2024, MRI Interventions (OTCMKTS: MRIC) announced that it has entered into an At-The-Market Equity Offering Sales Agreement with Stifel, Nicolaus & Company, Incorporated. The Company aims to sell shares of its common stock, par value $0.01 per share, with an aggregate sales value of up to $50 million through this agreement.

According to the terms outlined in the Sales Agreement, Stifel, Nicolaus & Company will act as the sales agent to facilitate the sale of shares. The Company will issue the shares under its registration statement on Form S-3, utilizing the base prospectus and prospectus supplement filed with the Securities and Exchange Commission (SEC) on November 20, 2023.

Stifel, Nicolaus & Company will undertake to sell the shares based on the Company’s instructions, including any specified price, timing, or size limits. The sales will be conducted through an “at the market offering” as defined by Rule 415(a)(4) under the Securities Act. The Agent’s obligations are subject to certain conditions, including standard closing conditions.

As per the agreement, the Agent will receive a commission of up to 3.0% of the gross sales price for the shares sold. Additionally, the Company will provide customary indemnification and contribution rights to the Agent and cover specified expenses related to the Sales Agreement. The Company retains the right to suspend or terminate the agreement at any time.

The complete details of the Sales Agreement can be found in Exhibit 1.1 attached to the Form 8-K filing. Moreover, an opinion from Bass, Berry & Sims PLC regarding the legality of issuing and selling the shares is included in Exhibit 5.1 of the filing.

It is essential to note that this Current Report on Form 8-K does not constitute a solicitation of an offer to buy securities. The sale of these securities will comply with all relevant securities laws and regulations.

Overall, the agreement signifies MRI Interventions’ strategic move to leverage available resources through equity offering for potential business initiatives and growth opportunities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MRI Interventions’s 8K filing here.

MRI Interventions Company Profile

MRI Interventions, Inc operates as a medical device company primarily in the United States. The company develops and commercializes platforms for performing minimally invasive surgical procedures in the brain and heart under direct, intra-procedural magnetic resonance imaging guidance. It offers ClearPoint system, a neuro-navigation system designed for placing catheters, electrodes, and laser fibers to treat various neurological diseases and conditions, as well as for performing biopsies.