BrainsWay Enters $20 Million PIPE
DENVER, Colo., Sep 30, 2024 (247marketnews.com)- BrainsWay (NASDAQ: BWAY) reported entering into a private investment in public equity (PIPE) agreement with an affiliate of Valor Equity Partners, at a purchase price of US$9.51, which represents a 20% premium over BrainsWay’s 30-day VWAP and is expected to result in gross proceeds of approximately $20 million.
Ami Boehm, BrainsWay’s Chairman of the Board, stated, “The equity financing strengthens the Company’s balance sheet, further advances strategic initiatives, and expands access to its Deep TMS technology, while aligning BrainsWay with a premier U.S. tech investor.
“With this transaction, we will be better positioned to accelerate the growth of our business by tapping into new markets and new revenue channels, including customer types and commercial partnerships. During the past year, we have received several inbound requests from leading investment groups interested in investing in BrainsWay. We elected to move forward with Valor given its exceptional track record and our belief that it is ideally suited to support us in executing our growth plans in the U.S. We are pleased to welcome Valor to our board of directors.”
Valor’s Co-President and Partner, Jonathan Shulkin, added, “We are grateful for the opportunity to provide this important strategic growth capital to BrainsWay at a pivotal point in its corporate evolution.
“BrainsWay’s transformative TMS technology has the opportunity to capture significant market share in the growing global TMS industry. Our investment in BrainsWay reflects our focus on disruptive technologies and businesses, as well as our strong belief in the Company’s mission and leadership.”
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