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As of September 30, 2021 and 2020, a total of 39,279 and 34,735 shares of Series B convertible preferred stock were outstanding and convertible into 2,567,255 and 2,270,261 shares of common stock, respectively. Each share of Series B convertible preferred stock is convertible at the holder's option into shares of common stock at a conversion ratio of 1-for-65.36 per share determined by dividing the Series B liquidation amount of $1,000 per share by the Series B conversion price of $15.30 per share. However, under the terms of the Series B Preferred Stock and Warrant Purchase Agreement, as amended, CRG will not convert the Series B preferred stock or exercise the CRG warrants until the Company’s stockholders act to authorize additional number of shares of common stock sufficient to cover the conversion shares. Each share of Series A convertible preferred stock was convertible at any time at the holder's option into one share of common stock. As of September 30, 2020, all Series A convertible preferred stock had been converted into common stock and there were no remaining shares outstanding. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2021

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to _______________

 

Commission File Number 1-11388

 

VIVEVE MEDICAL, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

04-3153858

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

345 Inverness Drive South

Building B, Suite 250

Englewood, CO 80112

(Address of principal executive offices)

(Zip Code)

 

(720) 696-8100

(Registrant’s telephone number, including area code)     

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock

VIVE

Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definition of “accelerated filer,” and “large accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ☐

 

Accelerated filer ☐

   

Non-accelerated filer ☒

 

Smaller reporting company 

   

Emerging growth company

  

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No ☒

 

As of November 11, 2021, the issuer had 10,602,560 shares of common stock, par value $0.0001 per share, outstanding.

 

1

 

 

 

TABLE OF CONTENTS

 

Note About Forward-Looking Statements

 
   

Page 

No.

PART I

FINANCIAL INFORMATION  

 
     

Item 1.

Condensed Consolidated Financial Statements (unaudited)

4

     

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

     

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

44

     

Item 4.

Controls and Procedures

44

     

PART II

OTHER INFORMATION

 
     

Item 1.

Legal Proceedings

44
     

Item 1A.

Risk Factors

44
     

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44
     

Item 3.

Defaults Upon Senior Securities

45

     

Item 4.

Mine Safety Disclosures

45

     

Item 5.

Other Information

45

     

Item 6.

Exhibits

45

     

SIGNATURES

47

 

2

 

 

NOTE ABOUT FORWARD-LOOKING STATEMENTS 

 

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements that involve substantial risks and uncertainties. All statements contained in this Quarterly Report other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A. "Risk Factors" in this Quarterly Report. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

 

You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results, performance or achievements may be materially different from what we expect. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

 

Unless expressly indicated or the context requires otherwise, the terms "Viveve Medical," the "Company," "we," "us," and "our" in this document refer to Viveve Medical, Inc., a Delaware corporation, and, where appropriate, its wholly owned subsidiaries.     

 

3

 

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. 

Financial Statements (unaudited)  

 

VIVEVE MEDICAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 

  

September 30,

  

December 31,

 
  

2021

  

2020

 

ASSETS

     (1) 

Current assets:

        

Cash and cash equivalents

 $22,665  $6,523 

Accounts receivable, net of allowance for doubtful accounts of $49 and $124 as of September 30, 2021 and December 31, 2020, respectively

  514   770 

Inventory

  2,150   3,254 

Prepaid expenses and other current assets

  2,083   2,296 

Total current assets

  27,412   12,843 

Property and equipment, net

  1,678   2,759 

Investment in limited liability company

  645   833 

Other assets

  649   195 

Total assets

 $30,384  $16,630 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Current liabilities:

        

Accounts payable

 $1,292  $881 

Accrued liabilities

  2,557   2,416 

Paycheck Protection Program loan, current portion

  -   918 

Total current liabilities

  3,849   4,215 

Note payable, noncurrent portion

  4,964   4,518 

Paycheck Protection Program loan, noncurrent portion

  -   425 

Other noncurrent liabilities

  1,206   498 

Total liabilities

  10,019   9,656 

Commitments and contingences (Note 9)

          

Stockholders’ equity:

        

Convertible preferred stock; 10,000,000 shares authorized as of September 30, 2021 and December 31, 2020; Series B preferred stock, $0.0001 par value; 39,279 and 35,819 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

  -   - 

Series C preferred stock, $0.0001 par value; 0 shares issued and outstanding as of September 30, 2021 and outstanding as of September 30, 2021

  -   - 

Common stock, $0.0001 par value; 75,000,000 shares authorized as of September 30, 2021 and December 31, 2020; 10,602,560 and 2,171,316 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

  1   - 

Additional paid-in capital

  255,889   226,800 

Accumulated deficit

  (235,525)  (219,826)

Total stockholders’ equity

  20,365   6,974 

Total liabilities and stockholders’ equity

 $30,384  $16,630 

 

 

(1)

The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements as of that date. 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4

 

 

 

VIVEVE MEDICAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2021

   

2020

   

2021

   

2020

 
                                 

Revenue

  $ 1,616     $ 1,524     $ 4,720     $ 3,532  

Cost of revenue

    1,502       1,283       4,059       3,483  

Gross profit

    114       241       661       49  
                                 

Operating expenses:

                               

Research and development

    2,695       884       6,804       3,745  

Selling, general and administrative

    2,911       2,761       9,423       10,476  

Total operating expenses

    5,606       3,645       16,227       14,221  

Loss from operations

    (5,492 )     (3,404 )     (15,566 )     (14,172 )

Gain on forgiveness of Paycheck Protection Program loan

    -       -       1,358       -  

Modification of warrants

    -       -       (373 )     (1,838 )

Interest expense, net

    (255 )     (235 )     (734 )     (668 )

Other expense, net

    (78 )     (41 )     (196 )     (159 )

Net loss from consolidated companies

    (5,825 )     (3,680 )     (15,511 )     (16,837 )

Loss from minority interest in limited liability company

    (33 )     (55 )     (188 )     (323 )

Comprehensive and net loss

    (5,858 )     (3,735 )     (15,699 )     (17,160 )

Series B convertible preferred stock dividends

    (1,190 )     (1,053 )     (3,463 )     (3,064 )

Net loss attributable to common stockholders

  $ (7,048 )   $ (4,788 )   $ (19,162 )   $ (20,224 )
                                 

Net loss per share of common stock:

                               

Basic and diluted

  $ (0.67 )   $ (2.65 )   $ (1.93 )   $ (14.71 )
                                 

Weighted average shares used in computing net loss per common share:

                               

Basic and diluted

    10,591,834       1,807,931       9,916,834       1,374,800  

 

 

Note: All share and per share data has been adjusted to reflect the 1-for-10 reverse stock split which became effective after market close on December 1, 2020, as discussed in Note 2.

 

The accompanying notes are an integral part of these condensed consolidated financial statements. 

 

5

 

 

 

VIVEVE MEDICAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY

(in thousands, except share and per share data)

(unaudited)

 

   

Series A Convertible

Preferred Stock,

$0.0001 par value

   

Series B Convertible

Preferred Stock,

$0.0001 par value

   

Common Stock,

$0.0001 par value

   

Additional

Paid-In

    Accumulated    

Total Stockholders

 
   

Shares

   

Amount

   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Deficit

   

Equity

 
                                                                         

Balances as of January 1, 2021

    -     $ -       35,819     $ -       2,171,316     $ -     $ 226,800     $ (219,826 )   $ 6,974  

January 2021 Offering, net issuance costs

    -       -       -       -       5,666,760       1       25,121       -       25,122  

Conversion of Series C convertible preferred stock into common stock

    -       -       -       -       2,450,880       -       -       -       -  

Issuance of common shares in connection with common warrant exercises

    -       -       -       -       52,760       -       179       -       179  

Modification of exercise price of warrants in connection with January 2021 Offering

    -       -       -       -       -       -       287       -       287  

Transaction costs in connection with Purchase Agreement with LPC

    -       -       -       -       -       -       (40 )     -       (40 )

Dividend on Series B convertible preferred stock

    -       -       -       -       -       -       (1,119 )     -       (1,119 )

Dividend on Series B convertible preferred stock paid in PIK shares

    -       -       1,118       -       -       -       1,118       -       1,118  

Stock-based compensation expense

    -       -       -       -       -       -       810       -       810  

Net loss

    -       -       -       -       -       -       -       (5,791 )     (5,791 )

Balances as of March 31, 2021

    -       -       36,937       -       10,341,716       1       253,156       (225,617 )     27,540  

Issuance of purchased common shares under the Purchase Agreement with LPC

    -       -       -       -       250,000       -       704       -       704  

Transaction costs in connection with First Amendment to Purchase Agreement with LPC

    -       -       -       -       -       -       (31 )     -       (31 )

Modification of exercise price of warrants in connection with First Amendment to Purchase Agreement with LPC

                                                                       

Purchase Agreement with LPC

    -       -       -       -       -       -       86       -       86  

Dividend on Series B convertible preferred stock

    -       -       -       -       -       -       (1,154 )     -       (1,154 )

Dividend on Series B convertible preferred stock paid in PIK shares

    -       -       1,153       -       -       -       1,153       -       1,153  

Stock-based compensation expense

    -       -       -       -       -       -       867       -       867  

Net loss

    -       -       -       -       -       -       -       (4,050 )     (4,050 )

Balances as of June 30, 2021

    -       -       38,090       -       10,591,716       1       254,781       (229,667 )     25,115  

Dividend on Series B convertible preferred stock

    -       -       -       -       -       -       (1,190 )     -       (1,190 )

Dividend on Series B convertible preferred stock paid in PIK shares

    -       -       1,189       -       -       -       1,189       -       1,189  

Stock-based compensation expense

    -       -       -       -       -       -       1,088       -       1,088  

Issuance of common shares from employee stock purchase plan

    -       -       -       -       10,844       -       21       -       21  

Net loss

    -       -       -       -       -       -       -       (5,858 )     (5,858 )

Balances as of September 30, 2021

    -     $ -       39,279     $ -       10,602,560     $ 1     $ 255,889     $ (235,525 )   $ 20,365  

 

6

 

   

Series A Convertible

Preferred Stock,

$0.0001 par value

   

Series B Convertible

Preferred Stock,

$0.0001 par value

   

Common Stock,

$0.0001 par value

   

Additional

Paid-In

    Accumulated    

Total Stockholders

 
   

Shares

   

Amount

   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Deficit

   

Equity

 
                                                                         

Balances as of January 1, 2020

    185,218     $ -       31,678     $ -       707,571     $ -     $ 214,431     $ (197,911 )   $ 16,521  

Issuance costs in connection with November 2019 Offering

    -       -       -       -       -       -       (30 )     -       (30 )

Conversion of Series A convertible preferred stock into common stock

    (185,218 )     -       -       -       185,218       -       -       -       -  

Issuance of common shares in connection with common warrant exercises

    -       -       -       -       107,172       -       1,661       -       1,661  

Series B convertible preferred stock dividends

    -       -       -       -       -       -       (990 )     -       (990 )

Series B convertible preferred stock dividends paid in PIK shares

    -       -       989       -       -       -       989       -       989  

Stock-based compensation expense

    -       -       -       -       -       -       686       -       686  

Issuance of common shares from employee stock purchase plan

    -       -       -       -       32       -       -       -       -  

Issuance of restricted common shares in connection with consulting agreement

    -       -       -       -       2,832       -       24       -       24  

Net loss

    -       -       -       -       -       -       -       (6,310 )     (6,310 )

Balances as of March 31, 2020

    -       -       32,667       -       1,002,825       -       216,771       (204,221 )     12,551  

Issuance costs in connection with November 2019 Offering

    -       -       -       -       -       -       (3 )     -       (3 )

Issuance of common shares in connection with Series A and B warrant exercises

    -       -       -       -       514,578       -       3,139       -       3,139  

Modification of exercise price of warrants in connection with 2020 Warrant Offering

    -       -       -       -       -       -       1,838       -       1,838  

Issuance of Series A-2 and B-2 warrants in connection with 2020 Warrant Offering

    -       -       -       -       -       -       1,838       -       1,838  

Issuance costs for Series A-2 and B-2 warrants in connection with 2020 Warrant Offering

    -       -       -       -       -       -       (1,838 )     -       (1,838 )

Transaction costs in connection with 2020 Warrant Offering

    -       -       -       -       -       -       (326 )     -       (326 )

Issuance of initial purchase common shares under the Purchase Agreement with LPC

    -       -       -       -       52,500       -       341       -       341  

Issuance costs in connection with Purchase Agreement with LPC

    -       -       -       -       -       -       (452 )     -       (452 )

Series B convertible preferred stock dividends

    -       -       -       -       -       -       (1,021 )     -       (1,021 )

Series B convertible preferred stock dividends paid in PIK shares

    -       -       1,018       -       -       -       1,018       -       1,018  

Stock-based compensation expense

    -       -       -       -       -       -       632       -       632  

Issuance of common shares from employee stock purchase plan

    -       -       -       -       30       -       -       -       -  

Issuance of common shares for vesting of restricted stock award granted to consultant

    -       -       -       -       25       -       -       -       -  

Issuance of restricted common shares in connection with consulting agreement

    -       -       -       -       3,454       -       25       -       25  

Net loss

    -       -       -       -       -       -       -       (7,115 )     (7,115 )

Balances as of June 30, 2020

    -       -       33,685       -       1,573,412       -       221,962       (211,336 )     10,627  

Issuance of common shares in connection with Series A and B warrant exercises

    -       -       -       -       494,113       -       3,014       -       3,014  

Issuance costs for Series A-2 and B-2 warrants in connection with 2020 Warrant Offering

    -       -       -       -       93,129       -       593       -       593  

Transaction costs in connection with 2020 Warrant Offering

    -       -       -       -       -       -       (7 )     -       (7 )

Transaction costs in connection with Purchase Agreement with LPC

    -       -       -       -       -       -       (42 )     -       (42 )

Dividend on Series B convertible preferred stock

    -       -       -       -       -       -       (1,053 )     -       (1,053 )

Dividend on Series B convertible preferred stock paid in PIK shares

    -       -       1,050       -       -       -       1,050       -       1,050  

Stock-based compensation expense

    -       -       -       -       -       -       617       -       617  

Issuance of common shares in connection with ESPP

    -       -       -       -       22       -       -       -       -  

Issuance of restricted common shares in connection with consulting agreement

    -       -       -       -       4,709       -       25       -       25  

Reverse stock split (December 2020) - rounding adjustment

    -       -       -       -       5,931       -       -       -       -  

Net loss

    -       -       -       -       -       -       -       (3,735 )     (3,735 )

Balances as of September 30, 2020

    -     $ -       34,735       -       2,171,316     $ -     $ 226,159     $ (215,071 )   $ 11,089  

 

Note: All share and per share data has been adjusted to reflect the 1-for-10 reverse stock split which became effective after market close on December 1, 2020, as discussed in Note 2.

 

The accompanying notes are an integral part of these condensed consolidated financial statements. 

 

7

 

 

 

VIVEVE MEDICAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

   

Nine Months Ended

 
   

September 30,

 
   

2021

   

2020

 
                 

Cash flows from operating activities:

               

Net loss

  $ (15,699 )   $ (17,160 )

Adjustments to reconcile net loss to net cash used in operating activities:

               

Provision for doubtful accounts

    104       335  

Depreciation and amortization

    884       965  

Stock-based compensation

    2,765       2,009  

Non-cash interest expense

    446       394  

Amortization of operating lease right-of-use assets and accretion of operating lease liabilities

    15       3  

Loss from minority interest in limited liability company

    188       323  

Loss on disposal of property and equipment

    40       14  

Modification of warrants

    373       1,838  

Forgiveness of Paycheck Protection Program loan

    (1,358 )     -  

Changes in assets and liabilities:

               

Accounts receivable

    152       549  

Inventory

    1,423       233  

Prepaid expenses and other current assets

    213       683  

Other noncurrent assets

    (3 )     444  

Accounts payable

    411       (913 )

Accrued and other liabilities

    71       (2,918 )

Other noncurrent liabilities

    324       265  

Net cash used in operating activities

    (9,651 )     (12,936 )
                 

Cash flows from investing activities:

               

Purchase of property and equipment

    (162 )     (403 )

Net cash used in investing activities

    (162 )     (403 )
                 

Cash flows from financing activities:

               

Proceeds from January 2021 Offering, net of issuance costs

    25,122       -  

Proceeds from exercise of common warrants

    179       8,407  

Transaction costs in connection with 2020 Warrant Offering

    -       (333 )

Proceeds from purchase of common shares under Purchase Agreement with LPC

    704       341  

Transaction costs in connection with Purchase Agreement with LPC

    (71 )     (494 )

Proceeds from Paycheck Protection Program loan

    -       1,343  

Transaction costs in connection with November 2019 Offering

    -       (33 )

Proceeds from issuance of common shares from employee stock purchase plan

    21       -  

Net cash provided by financing activities

    25,955       9,231  

Net increase (decrease) in cash and cash equivalents

    16,142       (4,108 )
                 

Cash and cash equivalents - beginning of period

    6,523       13,308  

Cash and cash equivalents - end of period

  $ 22,665     $ 9,200  
                 

Supplemental disclosure:

               

Cash paid for interest

  $ -     $ -  

Cash paid for income taxes

  $ -     $ -  
                 
                 

Supplemental disclosure of cash flow information as of end of period:

               

Forgiveness of Paycheck Protection Program loan

  $ 1,358     $ -  

Issuance of Series B convertible preferred stock in settlement of dividends

  $ 3,460     $ 3,057  

Issuance of note payable in settlement of accrued interest

  $ 443     $ 392  

Net transfer of equipment between inventory and property and equipment

  $ (319 )   $ 37  

Supplemental cash flow information related to leases was as follows:

               

Operating cash outflows from operating leases

  $ 195     $ 226  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

8

 

 

VIVEVE MEDICAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

 

 

1.

The Company and Basis of Presentation

 

Viveve Medical, Inc. (“Viveve Medical”, the “Company”, “we”, “our”, or “us”) designs, develops, manufactures and markets a platform medical technology, which we refer to as Cryogen-cooled Monopolar RadioFrequency, or CMRF. Our proprietary CMRF technology is delivered through a radiofrequency generator, handpiece and treatment tip, which collectively, we refer to as the Viveve® System. Viveve Medical competes in the women’s intimate health industry in some countries by marketing the Viveve System as a way to improve the overall well-being and quality of life of women suffering from vaginal introital laxity, for improved sexual function, or stress urinary incontinence, depending on the relevant country-specific clearance or approval.  In the United States, the Viveve System is currently indicated for use in general surgical procedures for electrocoagulation and hemostasis.

 

Effective Shelf Registration Statement

 

On July 2, 2021, we filed a universal shelf registration statement with the SEC on Form S-3 for the proposed offering from time to time of up to $75,000,000 of our securities, including common stock, preferred stock, and/or warrants. This registration statement currently has a capacity of $75,000,000. However, as a result of the limitations of General Instruction I.B.6. of Form S-3, or the so-called “baby shelf rules”, the amount of shares of our common stock available for sale under a registration statement on Form S-3 is limited to one-third of the aggregate market value of our common equity held by non- affiliates of the Company over any rolling 12-month period. As of September 30, 2021, we have not issued any shares or received any proceeds pursuant to the universal shelf registration statement.

 

Purchase Agreement with LPC Reduction of Warrant Exercise Price

 

On May 4, 2021, pursuant to the provisions under the Purchase Agreement as amended, LPC purchased 250,000 shares at $2.817 per share of the Company’s common stock. As a result, the per share exercise price of our previously issued Series B, A-2 and B-2 common stock warrants was automatically reduced from $3.40 to $2.817 pursuant to the terms of the warrants. There was no change to the quantity of warrant shares. As a result of this reduction of warrant exercise price, the Company recognized a modification charge of $86,000.

 

2021 Public Offering

 

On January 19, 2021, the Company closed an upsized underwritten public offering of units (the “January 2021 Offering”) for gross proceeds of approximately $27,600,000, which included the exercise of the underwriter’s over-allotment option to purchase additional shares and warrants, prior to deducting underwriting discounts and commissions and offering expenses payable by Viveve.

 

The offering comprised of: (1) 4,607,940 Class A Units, priced at a public offering price of $3.40 per Class A Unit, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock, at an exercise price of $3.40 per share that expires on the fifth anniversary of the date of issuance; and (22,450,880 Class B Units, priced at a public offering price of $3.40 per Class B Unit, with each unit consisting of one share of Series C convertible preferred stock and one warrant to purchase one share of common stock, at an exercise price of $3.40 per share that expires on the fifth anniversary of the date of issuance. The underwriter exercised an over-allotment option to purchase an additional 1,058,820 shares of common stock and warrants to purchase