Crdentia recently announced that it has completed a private placement worth $5 million in equity offering with value-based institutions. The financing will be used for working capital and strategic initiatives. The company believes the funding will provide the opportunity to implement additional organic growth initiatives to further improve operating margins and accelerate revenue increases.
John Kaiser, CEO of Crdentia, stated, “Completion of this new equity financing is very important to Crdentia as it allows the Company to fully implement its strategic growth plans with the goal of establishing Crdentia as one of the strongest full-service suppliers of healthcare personnel in the Sun Belt and one of the largest healthcare staffing companies in the country.”
As terms of the agreement, 15.7 million shares of common stock and 7.8 million five-year warrants to purchase common stock for $0.35 per share will be given to the investors. A second and final closing for the offering will occur within 10 business days from the date of this initial funding. Global Hunter Securities, LLC was the placement agent for the financing.
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