OneMedNet announces $4.6M private placement

OneMedNet announced that it has entered into securities purchase agreements with certain institutional investors, including an affiliate of Off the Chain Capital and an affiliate of Discovery Capital Management, in a private placement that resulted in gross proceeds of approximately $4.6 million, before deducting fees and expenses payable by the Company. The private placement closed on July 25, 2024. The price per share of common stock sold in this offering meets the minimum price requirement under Nasdaq rules. The Company intends to use the net proceeds from the private placement for working capital and general corporate purposes. Pending use of the funds, the Company used $1.8 million of the net proceeds to purchase Bitcoin. Pursuant to the terms of the securities purchase agreement with an affiliate of Off the Chain Capital, OneMedNet sold an aggregate of 1,297,059 shares of its common stock at a price of $1.0278 per share and pre-funded warrants exercisable for 1,323,530 shares of its common stock at an exercise price of $1.0278 per share. The investor prepaid the exercise price for the pre-funded warrants, other than $0.0001 per share. Pursuant to the terms of the securities purchase agreement with an affiliate of Discovery Capital Management, OneMedNet sold an aggregate of 2,301,791 shares of its common stock at a price of $0.85 per share.