Full Press Release Details
Monogram Technologies
Announces Closing of Upsized and Oversubscribed $13 Million Public Offering
October 2, 2024 - Monogram Technologies Inc. (NASDAQ: MGRM) ("Monogram" or the "Company"), an AI-driven
robotics company focused on improving human health with an initial focus on orthopedic surgery, announced today that the Company closed
the previously announced 8.00% Series D Convertible Cumulative Preferred Stock (the "Series D Preferred Stock") continuous
offering on October 1, 2024. The Company sold 5,790,479 units, with each unit consisting of (a) one share of the Company's Series
D Preferred Stock and (b) one common stock purchase warrant to purchase one share of the Company's common stock, $0.001 par value
per share (the "Common Stock"), for a total of 5,790,479 shares of the Company's Series D Preferred Stock and warrants
to purchase an aggregate of 5,790,479 shares of the Company's Common Stock (and shares of Common Stock underlying shares of Series
D Preferred Stock, PIK dividends on Series D Preferred Stock, and all such warrants). The Company received gross proceeds of approximately
$13 million in connection with this offering.
like to thank the 3,023 investors that participated in funding and all those that have supported our vision to revolutionize orthopedic
robotics, allowing safe and fast orthopedic surgeries to drive better patient outcomes," said Benjamin Sexson, CEO of Monogram Technologies.
"These funds will provide us with ample cash runway to meet all near-term commercialization milestones over the next 12 months and
resources to support key initiatives, including clinical trials and further development of our technology. We are also working to obtain
FDA clearance of our 510(k) submission, which would be a major de-risking event for the Company, and with this oversubscribed offering,
investors have voted their confidence."
to use the net proceeds of the offering of Series D Preferred Stock of approximately $11.7 million (after deducting the selling
agent fees and excluding offering expenses) to fund general corporate and business purposes, operational needs, and various strategic
initiatives, including among other things, new technology development and potential acquisitions.
Series D Preferred Stock are payable quarterly in arrears to Series D Preferred stockholders of the record, on or about the 15th
day of January, April, July and October, beginning on or about October 15, 2024. The first dividend, which is scheduled to be paid
on October 15, 2024 will be $0.033 per share of Series D Preferred Stock and will cover the period from, and including, August 9, 2024,
the first date we initially issued the Series D Preferred Stock through, but not including, October 15, 2024.
LLC acted as lead selling agent of the offering. The offering of Series D Preferred Stock was made pursuant to an effective
shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC). The offering of
Series D Preferred Stock was made only by means of a prospectus and related prospectus supplement meeting the requirements of Section
10 of the Securities Act of 1933, as amended. A copy of the prospectus supplement and accompanying base prospectus meeting such requirements
related to the offering may be obtained free of charge from the SEC's website at www.sec.gov.
shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any
sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.
About Monogram Technologies Inc.
Monogram Technologies
(NASDAQ: MGRM) is an AI-driven robotics company focused on improving human health, with an initial focus on orthopedic surgery. The Company
is developing a product solution architecture to enable patient-optimized orthopedic implants at scale by combining 3D printing, advanced
machine vision, AI and next-generation robotics.
precision robotic surgical system is designed to autonomously execute optimized paths for high-precision insertion of its FDA-cleared
mPress press-fit implants. The goal is well balanced better-fitting bone sparing knee replacements. The Company initially intends to
produce and market robotic surgical equipment and related software, orthopedic implants, tissue ablation tools, navigation consumables,
and other miscellaneous instrumentation necessary for reconstructive joint replacement procedures. Other clinical and commercial applications
for the mB s with mVision navigation are also being explored.
Monogram has obtained
FDA clearance for mPress implants and applied for 510(k) clearance for its robotic products. The Company is required to obtain FDA clearance
before it can market its products. Monogram cannot estimate the timing or assure the ability to obtain such clearances.
The Company believes
that its mB s precision robotic surgical assistants, which combine AI and novel navigation methods (mVision), will enable more
personalized knee implants for patients, resulting in well balanced better-fitting knee replacements with bone sparing implants. Monogram
anticipates that there may be other clinical and commercial applications for its navigated mB s precision robot and mVision navigation.
visit monogramtechnologies.com.
Forward-Looking Statements
may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements
other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees
of future performance or results and involve a number of risks and uncertainties. For example, the Company's statement regarding the
Company's proposed use of net proceeds is a forward-looking statement. Forward-looking statements, other than statements of historical
fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or
are not under our control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or
assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking
statements as a result of a number of factors, including those described in the prospectus and the Company's other filings with the SEC.
The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the
date of this press release.
Executive Vice President
Direct: 949-491-8235