Full Press Release Details
Medical Announces Closing of Second Tranche of $9.75 Million Private Investment
MT, October 11, 2022 - Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical
solutions for the treatment of spinal disorders, today announced the closing of the second and final tranche of its previously announced
private placement with a select group of accredited investors led by Stavros Vizirgianakis. As previously announced, at the first closing
the Company sold approximately 14.1 million shares of common stock and warrants to purchase approximately 3.5 million shares of common
stock for an aggregate purchase price of approximately $6.75 million. At the second closing, the Company sold an additional approximately
6.2 million shares of common stock of the Company and warrants to purchase approximately 1.6 million shares of common stock for an aggregate
purchase price of approximately $3.0 million.
Company intends to use the net proceeds from the transaction to support working capital and other general corporate purposes.
warrants are immediately exercisable and will expire on the five-year anniversary of the first closing. The gross proceeds to the Company
from both tranches of the transaction are approximately $9.75 million, before deducting estimated offering expenses payable by the Company.
Medical received legal advice in the transaction from Fox Rothschild LLP. Holland & Knight LLP provided legal advice to Mr. Vizirgianakis
in connection with the transaction.
private placement was made pursuant to the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of
1933, as amended, and Rule 506 of Regulation D as promulgated by the United States Securities and Exchange Commission (SEC), and the
securities sold in the private placement may not be offered or sold in the United States absent registration with the SEC or an applicable
exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale
of the common shares as well as the common shares issuable upon exercise of the warrants issued in the private placement.
release does not constitute an offer to sell or the solicitation of an offer to buy any security. The shares offered have not been registered
under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States
or any state thereof absent registration under the securities act and applicable state securities laws or an applicable exemption from
registration requirements.
Xtant Medical Holdings, Inc.
Medical Holdings, Inc. (www.xtantmedical.com) is a global medical technology company focused on the design, development, and commercialization
of a comprehensive portfolio of orthobiologics and spinal implant systems to facilitate spinal fusion in complex spine, deformity and
degenerative procedures. Xtant people are dedicated and talented, operating with the highest integrity to serve our customers.
symbols and denote trademarks and registered trademarks of Xtant Medical Holdings, Inc. or its affiliates, registered as
indicated in the United States, and in other countries. All other trademarks and trade names referred to in this release are the property
of their respective owners.
Statement Regarding Forward-Looking Statements
press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include
words such as "intends," expects,'' anticipates,'' plans,''
believes,'' estimates,'' "continue," "future," will,''
"potential," similar expressions or the negative thereof, and the use of future dates. Forward-looking statements in this
release include the Company's expectations regarding its use of net proceeds from the private placement. The Company cautions that
its forward-looking statements by their nature involve risks and uncertainties, and actual results may differ materially depending on
a variety of important factors, including, among others: the Company's future operating results and financial performance; its
ability to increase or maintain revenue; possible future impairment charges to long-lived assets and goodwill and write-downs of excess
inventory if revenues continue to decrease; its ability to remain competitive; its ability to innovate, develop and introduce new products
and achieve other aspects of its strategic plans; its ability to engage and retain new and existing independent distributors and agents
and qualified personnel and its dependence on key independent agents for a significant portion of its revenue; the effect of the COVID-19
pandemic and hospital staffing shortages on the Company's business, operating results and financial condition, especially when
they affect key markets; its ability to implement successfully its future growth initiatives and risks associated therewith; the effect
of product sales mix changes on its financial results; government and third-party coverage and reimbursement for its products; its ability
to obtain and maintain regulatory approvals and comply with government regulations; the effect of product liability claims and other
litigation to which the Company may be subject; the effect of product recalls and defects; the ability to obtain and protect its intellectual
property and proprietary rights and operate without infringing the rights of others; its ability to service its debt, comply with its
debt covenants and access additional indebtedness; the ability to obtain additional financing on favorable terms or at all; and other
factors. Additional risk factors are contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2021
filed with the Securities and Exchange Commission (SEC) on March 8, 2022 and subsequent SEC filings by the Company, including without
limitation its most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the SEC on August 4, 2022. Investors
are encouraged to read the Company's filings with the SEC, available at www.sec.gov, for a discussion of these and other risks
and uncertainties. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. All forward-looking
statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this cautionary statement.