Funding MedTech

Apollo Endosurgery lands $20m in debt placement

Apollo Endosurgery (NSDQ:APEN) said yesterday that it closed a private debt placement worth $20 million.

The debt pays 6.0% annually and can be converted to APEN shares at $3.25 apiece, with Austin, Texas-based Apollo able to force the conversion of the unsecured debentures.

Apollo said it plans to use the proceeds for working capital and general corporate purposes.

Craig-Hallum Capital Group was the placement agent for the offering, the company said.

Last month, Apollo posted second-quarter results that beat analysts’ expectations for sales but missed on earnings.

The company reported a net loss of -$8.8 million, or -40¢ per share, on sales of $14.3 million for the three months ended June 30. Analysts on Wall Street were looking for losses per share of -38¢ on sales of $12.9 million.

Original Article: (https://www.massdevice.com/apollo-endosurgery/)

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