search icon
      blog search icon

      Surgaline Holdings, Inc. (SRGA) Stock Exhibits Continued Volatility Ahead of Collaboration with Inteneural - Stocks Telegraph

      By ST Staff

      Published on

      June 23, 2021

      12:03 PM UTC

      Surgaline Holdings, Inc. (SRGA) Stock Exhibits Continued Volatility Ahead of Collaboration with Inteneural - Stocks Telegraph

      Surgaline Holdings, Inc. (SRGA) stock prices were down by a marginal 2.92% as of the market closing on June 22nd, 2021, bringing the price per share down to USD$1.33 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock climb 4.51%, bringing it up to USD$1.39.

      Registered Direct Offering

      June 14th, 2021 saw the company announce the closing of its ongoing registered direct offering, wherein the company issued and sold a total aggregate of 28,985,508 million shares of its common stock at a purchase price of USD$1.725.. In addition to the shares, warrants were issued for the sale of the same number of shares of common stock, with the warrants also being priced the same as the shares. The warrants are exercisable immediately and will expire three years from the date they are issued. As pr Nasdaq rules, the registered direct offering was priced at-the-market.

      Purpose of Offering

      The gross proceeds generated from the offering came out to almost USD$50 million before the deduction of expenses related to the offering, such as placement agent fees. The company plans to allocate the capital from the offering towards working needs and general corporate purposes. This includes preparation for the approval, utilization, and ongoing development of its digital surgical guidance system.

      Collaboration with Inteneural

      Earlier on June 7th, 2021, the company had announced its strategic collaboration agreement with Inteneural Networks Inc. As per the agreement, the company would gain access to Inteneural’s proprietary technology, allowing for the evaluation of eventual integration within the Surgaline digital surgery portfolio. With the application of digital surgery in spine procedures being the company’s initial focus, it has a much broader vision of the potential it hopes to untap.

      Scope of Partnership

      The collaboration is built on a foundation of overwhelmingly positive feedback the company has garnered from spine surgeons, many of whom also specialize in neurosurgery. The feedback was based on SRGA’s demonstrations of its proprietary Holosurgical platform. The agreement has a period during which SRGA will evaluate its partner’s technology on an exclusive basis. The two will also discuss the feasibility of a more comprehensive collaboration.

      Future Outlook for SRGA

      Armed with the extra capital from its registered direct offering and a partnership that will significantly expand the company’s scope, SRGA is poised to continue its trajectory of success. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

      More From Stocks telegraph