Milestone Scientific Announces Closing of $14.6 Million Offering of Common Stock and Warrants

Jun 30, 2020

ROSELAND, NJ / ACCESSWIRE / June 30, 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 June 30, 2020 it closed its previously announced underwritten offering of 6,520,000 shares of its common stock and warrants to purchase up to an aggregate of 3,260,000 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 $2.15. Gross proceeds before underwriting discounts and commissions and estimated offering expenses, were approximately $14.0 million. In addition, Milestone Scientific granted to Maxim Group LLC a 45-day option to purchase up to an additional 978,000 shares of common stock and/or warrants to purchase up to 489,000 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 250,000 shares of common stock and warrants to purchase up to 489,000 shares of common stock. The over-allotment exercise transaction also closed on June 30, 2020, bringing the total gross proceeds of the offering, before underwriting discounts and commissions and estimated offering expenses, to approximately $14.6 million.

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