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Saturday, Sep 23, 2023

Equity Purchase Pumps Capital into Endonovo

Endonovo Therapeutics Inc. has arranged an equity purchase agreement with Cavalry Fund I, under which Endonovo will sell up to $10 million in shares during the next 24 months, the company announced Tuesday. The Woodland Hills medical device maker will use the funds to increase inventory of its SofPulse electrical pulse device, advance sales and marketing efforts and pay down debt. The agreement stipulates that 50 percent of proceeds go to pay down existing convertible notes. No price was set for the shares, as “Endonovo Therapeutics will control the timing and amount of any sales to Cavalry based on market price at the time of each sale,” the company said. “We are excited to establish this relationship with Cavalry and the flexibility to potentially access capital on a cost-effective basis,” Chief Executive Alan Collier said in a statement. “We believe this agreement allows Endonovo to receive funding to meet our projected sales growth on favorable terms.” Shares of Endonovo (ENDV) closed Tuesday at 13 cents on the over-the-counter market.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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