Milestone Scientific Announces Closing of Above Market $4.7 Million Offering of Common Stock and Warrants

Apr 15, 2020

ROSELAND, NJ / ACCESSWIRE / April 14, 2020 / Milestone Scientific Inc. (NYSE American:MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced that on April 14, 2020 it closed its previously announced underwritten offering of 4,750,000 shares of its common stock and warrants to purchase up to an aggregate of 2,375,000 shares of the its common stock. Each share of common stock was sold together with a warrant to purchase 0.50 of one share of common stock at a combined price to the public of $0.95. Gross proceeds before underwriting discounts and commissions and estimated offering expenses, were approximately $4.5 million. In addition, Milestone Scientific granted to Maxim Group LLC a 45-day option to purchase up to an additional 712,500 shares of common stock and/or warrants to purchase up to 356,250 shares of common stock for the purposes of covering any over-allotments, at the public offering price less discounts and commissions, of which Maxim Group LLC partially exercised its option to purchase 200,000 shares of common stock and warrants to purchase up to 335,000 shares of common stock. The over-allotment exercise transaction also closed on April 14, 2020, bringing the total gross proceeds of the offering, before underwriting discounts and commissions and estimated offering expenses, to approximately $4.7 million.

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