InvestorsHub Logo
Followers 77
Posts 30218
Boards Moderated 85
Alias Born 03/22/2005

Re: None

Tuesday, 04/18/2023 11:16:15 PM

Tuesday, April 18, 2023 11:16:15 PM

Post# of 447
>>> Quipt Home Medical Announces $35 Million Bought Deal Public Offering and Approximate $2 Million Private Placement

CNW Group

April 17, 2023

CINCINNATI, April 17, 2023 /CNW/ - Quipt Home Medical Corp. ("Quipt" or the "Company") (NASDAQ: QIPT) (TSXV: QIPT), a U.S. based home medical equipment provider focused on end-to-end respiratory care?, is pleased to announce that it has entered into an agreement with Beacon Securities Limited and Canaccord Genuity Corp. (the "Co-Lead Underwriters") on behalf of a syndicate of underwriters (together with the Co-Lead Underwriters, the "Underwriters"). The Underwriters have agreed to purchase, on a bought deal basis pursuant to the filing of a prospectus supplement, an aggregate of 4,460,000 common shares (the "Common Shares") in the capital of the Company at a price of $7.85 per Common Share (the "Issue Price") for aggregate gross proceeds to the Company of $35,011,000 (the "Public Offering"). Concurrent with the Public Offering, the Company and the Underwriters also intend to complete a brokered private placement of Common Shares at the Issue Price for gross proceeds of approximately $2,000,000 in the Province of Québec on a commercially reasonably best efforts basis (the "?Private Placement" and together with the Public Offering, the "Offering").

The Company has granted the Underwriters an option (the "Over-Allotment Option"), exercisable in whole or in part and from time to time, at any time until 30 days after the closing date of the Public Offering, to purchase up to an additional number of Common Shares equal to 15% of the number of Common Shares sold pursuant to the Public Offering at the Issue Price.

The Company intends to use the proceeds of the Offering for repayment of debt, potential future acquisitions, working capital and general corporate purposes. The Offering is expected to close on or about April 25, 2023 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.

The Common Shares will be offered under the Public Offering in the Provinces and Territories of Canada (other than Quebec) by way of a prospectus supplement to the Company's existing short form base shelf prospectus dated November 11, 2021 to be filed in each of the Provinces and Territories of Canada, and may be offered in the United States to Qualified Institutional Buyers (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the "1933 Act")) by way of private placement pursuant to an exemption from the registration requirements of the 1933 Act, or under other exemptions from the registration requirement that are available under the 1933 Act, and pursuant to any applicable securities laws of any state of the United States. The Common Shares may also be sold in the Province of Quebec pursuant to the Private Placement and in such other jurisdictions outside of Canada and the United States, as mutually agreed to by the Company and the Co-Lead Underwriters.

The securities referred to in this news release have not been, nor will they be, registered under the 1933 Act and may not be offered or sold within the United States or, directly or indirectly, to, or for ?the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. ?registration requirements. This press release does not constitute an offer for sale of securities, nor a solicitation ?for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. Any public offering of securities in the United States must be made by means of ?a prospectus containing detailed information about the company and management, as well as financial ?statements.?


The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility, and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company's organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services, and making life easier for the patient.



Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.