QT Imaging Holdings Announces $1M Insiders PIPE Investment
2024-11-13 05:30 ET - News Release
NOVATO, Calif. -- (Business Wire)
QT Imaging Holdings, Inc. (NASDAQ:QTI) a medical device company engaged in research, development, and commercialization of innovative body imaging systems (the “Company” or “QTI”) is pleased to announce an insiders private investment in public equities (PIPE) investment of $1.0 million in new funding, led by the Chairman of the Board, Dr. Avi Katz, and the Chief Executive Officer, Dr. Raluca Dinu, with participation of an additional four QTI Board of Directors members (the “Investors”). In addition, one existing creditor of the Company managed by Dr. Katz, GigAcquisitions5, LLC, agreed to surrender to the Company and cancel a promissory note that it holds with a principal amount of $1.56 million as an additional Investor. Under the terms of the securities purchase agreement entered into today, the Investors agreed to purchase 4,383,558 unregistered shares of common stock of QTI at a price of $0.584 per share, together with 4,383,558 warrants with an exercise price of $0.672 per share. The price per share represents a premium of approximately 10% to QTI common stock’s volume weighted average trading price over the last 5 days prior to today’s investment. The closing of the financing is anticipated to be on or before November 29, 2024, and it was placed directly by QTI, thus it included no associated banking fees. The proceeds are aimed solely at providing working capital for the Company as sufficient bridge funding while it continues to pursue its agreements with its previously announced strategic partner, and it successfully executes on its commercialization growth plan.
“Today’s PIPE investment proves the continuous trust of the entire QTI Board of Directors in the Company’s vision and execution, and its full commitment to supporting the QTI team to bringing its safe and accurate breast imaging technology to full commercialization,” said Dr. Avi Katz, Chairman of Board of Directors.