OneMedNet sells 1.92M shares at 65c in private placement

OneMedNet has entered into a securities purchase agreement with an affiliate of Off the Chain Capital in a follow-on private placement that resulted in gross proceeds of approximately $1.7 million, before deducting fees and expenses payable by the Company. OneMedNet previously consummated a private placement with Off the Chain Capital on July 24, 2024 that resulted in gross proceeds of $2.7 million. The private placement closed on September 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 plans to use a portion of the net proceeds to purchase Bitcoin. Pursuant to the terms of the securities purchase agreement, OneMedNet sold an aggregate of 1,918,591 shares of its common stock at a price of $0.65 per share, warrants exercisable for 133,095 shares of its common stock at an exercise price of $0.325 per share and pre-funded warrants exercisable for 743,314 shares of its common stock at an exercise price of $0.65 per share. The investor prepaid the exercise price for the pre-funded warrants, other than $0.0001 per share. The terms of the transaction were otherwise generally consistent with the previous Off the Chain private placement.