Fort Lauderdale-based Motus GI Holdings plans to raise up to $16.8 million through a stock offering, the company announced.
The medical technology company (NASDAQ: MOTS) went public in February after raising $17.5 million in an IPO. The company, which also has offices in Israel, focuses on improving clinical outcomes for colonoscopies. Its product in development Pure-Vu aims to clear the colon during a colonoscopy.
Now Motus GI Holdings has proposed a secondary offering to raise additional funds for the development of Pure-Vu, and other corporate purposes. The company plans to issue 5 million shares of common stock, and grant underwriters a 30-day option to purchase an additional 750,000 shares. In its Securities and Exchange Commission filing, the company said it estimated it would raise $14.6 million from the public offering, plus another $2.2 million if the underwriters exercise their options.