A secondary offering of shares and warrants was oversubscribed.
UltraShape Medical Ltd. (TASE: USLP) raised NIS 7.3 million in a secondary offering of shares and warrants, more than the NIS 5 million that it planned to raise. The company's share price rose 24% in morning trading today to NIS 0.031, giving a market cap of over NIS 50 million.
Ultrashape has developed an ultrasound-based device for the non-invasive removal of fatty tissue and for body contouring.
The offering was oversubscribed, after the company cut the share price for the offering. The company offered 40,000 units of 4,000 shares at NIS 0.032 per share together with 4,800 Series 2 warrants, for a total of 160 million shares and 192 million warrants convertible into shares at NIS 0.11 per share.
Published by Globes [online], Israel business news - www.globes-online.com - on June 1, 2010
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