Widemed raises NIS 2.7m in secondary offering

The sleep apnea monitor developer's offering was oversubscribed by the more than double.

Sleep apnea monitor developer company WideMed Ltd. (TASE:WDMD) has raised a gross NIS 2.7 million in a secondary offering, and will receive up to an additional NIS 1.7 million if all the warrants issued are exercised.

Widemed offered 4,500 units of shares and warrants at NIS 525 per unit. Each unit comprised 1,000 shares at NIS 0.525 per share and 500 warrants at no cost. The company received 53 orders for 10,209 units, amounting to NIS 6.16 million, and it therefore raised the unit price to NIS 578, and exercised its right to issue an additional 156 units.

Altogether, Widemed issued 4,656 units, amounting to 4,656,000 shares and 2,328,000 Series 8 warrants.

Widemed's share price rose 13.5% by early afternoon to NIS 0.62, giving a market cap of NIS 10 million.

Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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