Monogram Technologies raises $12.5 million in preferred stock offering

On September 11, 2024, Monogram Technologies Inc., based in Austin, Texas, announced an increase in its continuous offering of units from $10 million to $12.5 million. Each unit comprises one share of the 8.00% Series D Convertible Cumulative Preferred Stock and a common stock purchase warrant. The warrants allow the purchase of common stock at an exercise price of $3.375 per share. The Series D Preferred Stock is convertible into common stock at the holder's discretion, although there is no public trading market for it. The funds raised from this offering will be allocated for general corporate purposes, operational needs, and strategic initiatives, including technology development and potential acquisitions. The CEO, Benjamin Sexson, expressed optimism about the offering's success and its role in advancing the company's mission to enhance orthopedic surgeries. Monogram has already received FDA clearance for its mPress implants and is pursuing further clearances for its robotic products. The company aims to innovate in the orthopedic field by developing better-fitting, bone-sparing knee replacements. Monogram anticipates that its navigated mBôs precision robot and mVision navigation may have additional clinical and commercial applications. However, the company must secure FDA clearance before marketing these products. Investors should be aware that forward-looking statements made by the company regarding the use of proceeds and future performance are subject to risks and uncertainties that could lead to actual results differing significantly from expectations. Monogram Technologies is committed to updating stakeholders as necessary regarding its progress and developments.