Dextera Surgical, Inc. (NASDAQ:DXTR) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03. Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year
On May 15, 2017, Dextera Surgical Inc. (the Company), in
connection with its previously announced firm commitment
underwritten public offering of 8,000 shares of its Series B
convertible preferred stock and related warrants at a price to
the public of $1,000per share of Series B convertible preferred
stock (the Offering), filed a Certificate of Designation of
Preferences, Rights and Limitations of Series B Convertible
Preferred Stock (the Certificate of Designations) with the
Secretary of State of the State of Delaware setting forth the
preferences, rights and limitations of its new Series B
convertible preferred stock issued in the Offering. The terms of
the Series B convertible preferred stock are set forth in the
Certificate of Designations which is filed as Exhibit 3.1 hereto
and incorporated by reference herein.
Item 8.01. Other Events.
On May 16, 2017, the Company announced the closing of the
Offering for gross proceeds of$8 million, prior to deducting
underwriting discounts and commissions and offering expenses
payable by the Company.
On or prior to May 17, 2017, certain holders of the Companys
Series A convertible preferred stock and Series B convertible
preferred stock elected to convert shares of the Series A
convertible preferred stock and SeriesB convertible preferred
stock into shares of the Companys Common Stock. As of the close
of business on May 17, 2017, the Company had outstanding
12,496,044 shares of Common Stock, 92,722 shares of Series A
convertible preferred stock and 7,405 shares of Series B
convertible preferred stock. The Company has received notices to
convert additional shares of the Series A convertible preferred
stock and Series B convertible preferred stock, which are pending
with the Companys transfer agent.
As a result of the Offering, the Company believes it now has
stockholders equity in excess of the minimum $2.5 million
requirement for continued listing on The Nasdaq Capital Market.
The Company is awaiting confirmation from Nasdaq that it has
evidenced compliance with the stockholders equity requirement for
continued listing on The Nasdaq Capital Market.
Item 9.01 Financial Statements and Exhibits.
Exhibit
| Number | Description |
| 3.1 |
Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock |
About Dextera Surgical, Inc. (NASDAQ:DXTR)
Dextera Surgical Inc., formerly Cardica, Inc., designs and manufactures stapling devices that enable the advancement of minimally invasive surgical procedures. The Company is engaged in commercializing and developing its MicroCutter 5/80 stapler based on its staple-on-a-strip technology for use by thoracic, pediatric, bariatric, colorectal and general surgeons. Its MicroCutter 5/80 is a commercially available cartridge-based microcutter device with approximately five millimeter shaft diameter, over 80 degrees of articulation, and an approximately 30 millimeter staple line cleared for specified indications for use in the United States, and in the European Union (EU) for a range of indications for use. It designs, manufactures and markets automated anastomotic systems used by surgeons to perform anastomoses during on- or off-pump coronary artery bypass graft procedures and these products include the C-Port xA system, the C-Port Flex A system and the PAS-Port Proximal Anastomosis System. Dextera Surgical, Inc. (NASDAQ:DXTR) Recent Trading Information
Dextera Surgical, Inc. (NASDAQ:DXTR) closed its last trading session down -0.013 at 0.227 with 2,456,874 shares trading hands.
