Monogram Technologies Completes $13 Million Public Offering

Monogram Technologies Inc. (NASDAQ:MGRM), an AI-driven robotics company specializing in orthopedic surgery, announced the closing of its $13 million public offering on October 1, 2024. The offering comprised 5,790,479 units of Series D Convertible Cumulative Preferred Stock and accompanying warrants. This successful round was upsized and oversubscribed, reflecting investor confidence in the company's strategic direction.

The proceeds, approximately $11.7 million after deductions, are earmarked for general corporate purposes, operational needs, and strategic initiatives, including technology development and potential acquisitions. CEO Benjamin Sexson emphasized the importance of these funds for achieving commercialization milestones and supporting FDA clearance efforts for their robotic products.

The $0.033 per share dividend for Series D Preferred Stock will be distributed quarterly, commencing on October 15, 2024. The offering was facilitated by Digital Offering, LLC, under an effective shelf registration statement filed with the SEC.