Senseonics to sell 45.7M shares at 35c in registered direct offering

Senseonics (SENS) Holdings has entered into a definitive agreement for the purchase and sale of 45,714,286 shares of its common stock at an offering price of $0.35 per share of common stock in a registered direct offering. Additionally, in a concurrent private placement, the Company has agreed to issue unregistered warrants to purchase up to 45,714,286 shares of common stock. The Warrants will have an exercise price of $0.35 per share, will become exercisable beginning six months from the date of issuance and will expire on the five year anniversary of the date of initial exercise. The closing of the offering is expected to occur on or about October 28, 2024, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The aggregate gross proceeds to the Company from the offering are expected to be approximately $16 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The potential additional gross proceeds to the Company from the Warrants, if fully exercised on a cash basis, would be approximately $16 million. No assurance can be given that the Warrants will be exercised for cash. The Company intends to use the net proceeds from this offering primarily for working capital and general corporate purposes, and may use a portion of the net proceeds to repay borrowings on its outstanding 5.25% Convertible Senior Notes due 2025.