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Boustead IPO Client Soliton Closes $9.45 Million Private Placement

June 20, 2019

 

Boustead Securities, LLC, IPO client Soliton, Inc., (Nasdaq: SOLY) ("Soliton" or the "Company"), a medical device company with a new and proprietary platform technology licensed from The University of Texas on behalf of the MD Anderson Cancer Center ("MD Anderson"), announced that it entered into definitive agreements with certain institutional and accredited investors and raised aggregate gross proceeds of approximately $9.45 million through the private placement in a follow-on offering of its equity securities. The financing was led by Remeditex Ventures, LLC, the Company's largest shareholder, which agreed to purchase $5.0 million of the securities in the private placement.

Soliton sold an aggregate of 675,000 shares of the Company's common stock at $14.00 per share. Each share was sold together with a warrant to purchase 0.7 shares of common stock. Each warrant has an exercise price of $16.00 per share. The warrants are exercisable on the effective date of the registration statement pursuant to which the resale of the shares of common stock underlying the warrants are registered and will have a term of five years from such date. The offering closed on June 19, 2019.

 

Soliton intends to use the net proceeds from the offering for working capital purposes.

Roth Capital Partners acted as lead placement agent for the transaction. Boustead Securities and Maxim Group acted as co-placement agents. Boustead Securities served as Sole Underwriter for Soliton’s $10,862,955 Reg A+ Initial Public Offering on Nasdaq on February 19, 2019.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

 

The securities sold in the offering have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. Soliton has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock, including the shares of common stock issuable upon exercise of the warrants, sold in the private placement. Soliton has agreed to file the registration statement no later than July 17, 2019. If any shares are unable to be included on the initial registration statement, Soliton has agreed to file subsequent registration statements until all the shares have been registered, and the registration rights agreement imposes certain customary cash penalties on Soliton for its failure to satisfy specified filing and effectiveness time periods.

About Soliton, Inc.

Soliton, Inc. is a pre-revenue stage medical device company with a proprietary platform technology licensed from MD Anderson. The Company’s first commercial product uses rapid pulses of designed acoustic shockwaves to dramatically accelerate the removal of unwanted tattoos. The Company is based in Houston, Texas, and is actively engaged in bringing this device to the market. For more information about the Company, please visit: http://www.soliton.com.

 

About Boustead Securities, LLC

Boustead Securities, LLC (“Boustead”) is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States and around the world, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information, please visit www.boustead1828.com.

 

About Boustead & Company Limited

Boustead & Company Limited is a diversified and comprehensive non-bank financial institution with offices in Los Angeles, New York, San Francisco, London and Beijing that is rapidly expanding in growth markets throughout the US and Asia.  Through its principals and fully-licensed subsidiaries Boustead & Company possesses rich experience and exceptional capabilities in capital markets deal execution and is dedicated to providing best-in-class one-stop financial services to clients.  Boustead’s comprehensive financial services platform consists of four operating units: Boustead Securities, LLC a US-based FINRA Broker/Dealer and middle-market investment bank; Sutter Securities Group, Inc. which owns three FINRA-regulated entities: Sutter Securities Inc., Sutter Securities Clearing, LLC and FlashFunders Funding Portal, LLC, along with fund manager Sutter Capital Management, Inc.; Sutter Capital Partners, LLC a California Registered Investment Advisor; and Boustead Capital Markets, LLP a London-based FCA-regulated company. 

 

About Sutter Securities Group, Inc.

Headquartered in Irvine, California, Sutter Securities Group, Inc. (“SSG”), founded in 2013, through its affiliates, is an innovator and investment banking solutions provider. SSG owns and operates Sutter Securities Clearing, LLC and Sutter Securities Inc., both FINRA member broker-dealers; Sutter Capital Partners, LLC, a California Registered Investment Advisor, Sutter Shareholder Services, LLC, a SEC-registered transfer agent; FlashFunders Funding Portal, LLC, a FINRA member funding portal; and Sutter Capital Management, Inc. Sutter Securities Group, through its affiliates, operates a U.S.-based online securities platform whose underlying technology and regulatory infrastructure are designed to enable issuers to engage in Regulation D, Regulation A (known as Reg A+), Regulation S, Regulation CF and fully registered S-1 and F-1 Initial Public Offerings in compliance with applicable federal, state and non-U.S. securities laws.   SSG is a majority owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. Additional information is available at www.SutterSecurities.com and www.flashfunders.com.

 

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