Vivos Therapeutics Agrees to Acquire Minority Stake in SOD Sciences and 50% Interest in Proprietary Pseudohypoxia Test
Vivos Therapeutics agreed to acquire an 11% fully diluted stake in SOD Sciences plus a 50% co-ownership interest in SOD's pseudohypoxia early-warning test, paying with 12,000 shares of Series C convertible preferred valued at $12 million with no cash consideration. The preferred converts at $0.15 per share into up to 80 million common shares (19.99% exchange cap pending stockholder approval), and Vivos expects the equity classification to help it regain compliance with Nasdaq's minimum stockholders' equity requirement.
Key figures
- Deal Value Usd
- $12 million
- Equity stake
- 11% fully diluted interest in SOD Sciences
- Exchange cap
- 19.99%
- Test ownership
- 50% undivided co-ownership interest
- Conversion price
- $0.15 per share
- Vivos margin share
- 80% of contribution margin on Vivos products; 50% on joint test
- Underlying shares max
- up to 80 million
- Preferred shares issued
- 12000
- Beneficial ownership limit
- 4.99% (waivable to 9.99%)
AI analysis
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