Endymed Medical Ltd. announced that it has received $7 million in funding from OHMK Medical Technology Co. Ltd.
On July 14, 2014, the company announced that it has amended the terms of the transaction. The company has cancelled the over-allotment option given to the investor. The company will now issue 6,847,809 unlisted rights to the investor to acquire 6,847,809 shares at a price of $0.146 per share for a total of $999,780.114.
On July 20, 2014, the company announced that it has amended the terms of the transaction. The company will also issue 28,760,800 warrants exercisable into 28,760,800 common shares in the transaction. In case the investor exercises the unlisted rights, the company will issue additional 32,869,485 warrants exercisable into 32,869,485 shares.
On August 3, 2014, Endymed Medical Ltd. closed the transaction. As a part of the round, investor acquired a total of 28.94% stake in the company.