Monogram Technologies Upsizes 8.00% Series D Convertible Preferred Stock and Warrant Offering to $12.5 Million

AUSTIN, TX / ACCESSWIRE / September 11, 2024 / Monogram Technologies Inc. (NASDAQ:MGRM) announced an increase in its continuous offering units, from $10 million to $12.5 million. Each unit includes one share of 8.00% Series D Convertible Cumulative Preferred Stock and one common stock purchase warrant for one share of common stock.

The units will not be certified or issued as standalone securities. Warrants become exercisable after 180 days from July 9, 2024, through July 8, 2025, at an exercise price of $3.375 per share. Shares of the Series D Preferred Stock and warrants will be separable and tradable immediately.

Conversion of each Series D Preferred Stock to a common share is at the holder's discretion. Monogram will not list the Series D Preferred Stock or warrants on national exchanges. Proceeds will fund corporate needs, technology development, and potential acquisitions.

CEO Benjamin Sexson stated, “These funds will provide us with additional resources to support key initiatives as we continue to innovate within the orthopedic market.” The offering requires customary closing conditions and will end on September 12th at midnight PT.