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Press Release Source: Cardima, Inc.
Cardima Completes Private Placement Resulting in Gross Proceeds of $4.5 Million
Tuesday November 30, 1:37 pm ET
FREMONT, Calif.--(BUSINESS WIRE)--Nov. 30, 2004--Cardima®, Inc. (Nasdaq SC: CRDM), developer of the REVELATION® Tx, REVELATION® T-Flex and REVELATION® Helix microcatheter systems for the treatment of atrial fibrillation (AF), has completed a private placement resulting in gross proceeds of approximately $4.5 million. Net proceeds to the Company were approximately $4.1 million.
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The private placement resulted in a sale to certain accredited investors of 16,465,439 shares of Common Stock at a price of $0.2733 per share. The private placement also included the issuance of warrants to purchase up to an aggregate of 6,586,165 additional shares of Common Stock at an exercise price of $0.4295 per share. Placement agents will receive a commission and warrants to purchase a total of 987,926 shares Common Stock at an exercise price of $0.4295 in connection with the private placement.
The Company has agreed to register for resale the Common Stock issued in this private placement, including all shares of Common Stock underlying the warrants.
As previously reported, the Company received written notice from Nasdaq that the Company was not in compliance with Nasdaq Marketplace Rule 4310(c)(2)(B), which requires that the Company have a minimum of $2,500,000 in stockholders' equity or meet certain other listing standards. Nasdaq requested that, on or before December 2, 2004, the Company provide the Staff with the Company's specific plan to achieve and sustain compliance with all The Nasdaq SmallCap Market listing requirements, including a time frame for completion of the plan. With the proceeds from the private placement, the Company's stockholders' equity is in excess of $2,500,000 as of the date of this release. The Company intends to submit a written response to Nasdaq no later than December 2, 2004 describing the Company's plan for regaining and maintaining compliance with all The Nasdaq SmallCap Market listing requirements