Helius Medical says may offer, sell shares of stock up to $92.8M

Earlier in a regulatory filing, Helius Medical (HSDT) Technologies entered into a Sales Agreement with Clear Street LLC and Maxim Group LLC, as co-sales agents, pursuant to which the Company may offer and sell shares of the company’s Class A common stock, par value $0.001 per share from time to time having an aggregate sales price of up to $92.8M. The company filed a prospectus supplement with the Securities and Exchange Commission in connection with the Offering under its existing shelf Registration Statement on Form S-3 initially filed with the SEC on March 9, 2023 and declared effective on May 26, 2023, and the base prospectus contained therein. Prior to the execution of the Sales Agreement, the company terminated the sales agreement, dated as of June 23, 2023, between the company and Roth Capital Partners, LLC, in accordance with its terms. The company has agreed to pay the Agents’ commissions for their respective services in acting as agents in the sale of the Shares in the amount of up to 3.00% of the aggregate gross proceeds it receives from each sale of its Shares pursuant to the Sales Agreement. The company has also agreed to provide the Agents with customary indemnification and contribution rights. In addition, the company has agreed to reimburse certain legal expenses incurred by the Agent in connection with execution of the Sales Agreement in an amount up to $75,000, in addition to certain ongoing legal expenses. Shares of Helius Medical are up 153% to $19.14 near midday.