WORK Medical prices 10M units at 50c in registered direct offering

WORK Medical (WOK) Technology Group announced the pricing of a registered offering of 10,000,000 ordinary units or pre-funded units in lieu thereof at an offering price of $0.50 per Ordinary Unit and $0.4995 per Pre-funded Unit. For each Pre-funded Unit sold by the Company, the number of Ordinary Units being offered by the Company will be decreased on a one-for-one basis. Each Ordinary Unit consists of one Class A ordinary share, par value $0.0005, one Series A warrant to purchase one Class A Ordinary Share at an exercise price of $1.00, and one Series B warrant to purchase one Class A Ordinary Share at an exercise price of $1.00. Each Pre-funded Units consists of one pre-funded warrant to purchase one Class A Ordinary Share, one Series A Warrant, and one Series B Warrant. The Pre-funded Warrants, Series A Warrants, and Series B Warrants are immediately exercisable upon issuance, with the Pre-funded Warrants expiring upon full exercise, Series A Warrants expiring in 12 months, and Series B Warrants expiring in 3 months. The Company expects to receive aggregate gross proceeds of $5M from the Offering, before deducting underwriting discounts and other related expenses. Proceeds from the Offering will be used for upgrading production equipment and investing in the Company’s PRC subsidiaries’ research and development; hiring experienced employees to improve the systems of internal control and compliance with U.S. GAAP and the Sarbanes-Oxley Act of 2002; and working capital and general corporate purposes. The Offering is being conducted on a firm commitment basis. Univest Securities is acting as the sole book-running manager for the Offering.