Augmedix, Inc.Announces Increase in Nasdaq Listing and Public Offering Price of $ 40,000,000 of Common Shares
SAN FRANCISCO, October 25, 2021 (GLOBE NEWSWIRE) – Augmedix, Inc. (Nasdaq: AUGX) (“Augmedix”), a leading provider of virtual medical documentation and live clinical support, today announced the price of a subscribed public offering of 10,000,000 common shares (“Common Shares”) at a public offering price of $ 4.00 per share. In addition, Augmedix has granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares at the public offering price less rebates and underwriting fees. The gross proceeds of the Offering before underwriting fees and commissions are expected to be $ 40,000,000.00. The offer is expected to close on or around October 28, 2021, subject to customary closing conditions. Augmedix plans to use the net proceeds it receives from the offering to fund increased investments in sales and marketing, research and development, and general and administrative costs as Augmedix increases its scale.
The common stock has been approved for listing on the Nasdaq capital market and is expected to begin trading under the symbol “AUGX” on Tuesday, October 26, 2021. The common stock will no longer be traded on the securities market of little by little. .
William Blair & Company, LLC is acting as the sole active bookrunner for the offering. B. Riley Securities, Inc. and Maxim Group LLC act as passive bookkeepers. The Benchmark Company, LLC and Lake Street Capital Markets, LLC acted as financial advisers to the Company.
The common shares were offered under a preliminary prospectus forming part of the registration statement on Form S-1 which was declared effective by the Securities and Exchange Commission on October 7, 2021.
Augmedix, Inc. (Nasdaq: AUGX) is a leading digital health platform that offers virtual medical documentation and live clinical support to large healthcare systems and physician offices, supporting physician offices, clinics , hospitals, emergency departments and telemedicine practices nationwide. The company’s ambient automation platform converts the natural conversation between physicians and patients into accurate and complete medical notes in a timely manner and provides a state-of-the-art suite of ancillary services. The medical note is generated using Augmedix’s proprietary platform, which integrates structured data models, automated speech recognition and natural language processing, and is overseen by qualified medical documentation specialists. Augmedix can save physicians 2-3 hours per day, improve productivity by up to 20%, and increase satisfaction with work-life balance by over 40%. To learn more about Augmedix, visit augmedix.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of such securities in any state or other jurisdiction in which such an offer, solicitation or sale would be illegal before registration or qualification. under the securities laws of such state or other jurisdiction. This offer is made only by means of a prospectus. Copies of the final prospectus relating to these securities, when available, can be obtained from William Blair & Company, LLC Attention: Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621- 0687 or by e-mail to firstname.lastname@example.org. You can also obtain a free copy of the prospectus and other documents that the Company has filed with the SEC by visiting the SEC’s website at http://www.sec.gov.
This press release contains “forward-looking statements” that involve a number of risks and uncertainties, including, but not limited to our expectations for growth and public market listing. Words such as “believes”, “could”, “will”, “estimate”, “possible”, “continue”, “foresees”, “the” plans “,” objectives “and variations of these words and expressions Similar statements are intended to identify forward-looking statements, including statements regarding our expectations regarding the commencement of trading of the Common Shares on the Nasdaq Capital Market and the completion of the Offering. Forward-looking statements are based on management’s expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances beyond our control. Our actual results could differ materially from those indicated or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks detailed under “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2021, our subsequent quarterly reports on Form 10-Q and in our statement of registration on Form S-1 filed with the SEC on September 3, 2021, as amended, along with other documents that we may file from time to time with the SEC. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by these forward-looking statements: our expectations regarding changes in regulatory requirements; our ability to interact with our clients’ electronic health record systems; our dependence on suppliers; our ability to attract and retain key personnel; the competition to attract and retain specialists in remote documentation; trends, growth rates and anticipated challenges in our business and in the markets in which we operate; our ability to further penetrate our existing customer base; our ability to protect and enforce our intellectual property protection and the scope and duration of that protection; developments and projections relating to our competitors and our industry, including competing dictation software vendors, delayed third-party medical note generators and real-time medical note documentation services; the impact of current and future laws and regulations; the impact of the COVID-19 crisis on our business, operating results and prospects for future growth. A previous performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will change our perspective. We assume no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be taken as representing our views as of any date subsequent to the date of this press release.