The company is expected to use these resources to fund the long-term strategic operating plan, as part of which it will expand its focus from the direct sales channel to consumers to the B2B2C model, which it believes is larger and more profitable, the company said.
This business model is characterized by lower customer acquisition costs, higher profit margins and recurring revenue. In this context, the main use of the IPO receipts will be to continue financing the establishment of the company’s commercial infrastructure and to assist in obtaining contracts with health insurers and employers and suppliers who insure themselves in order to penetrate broad populations of colleagues, employees and patients.
The company’s largest shareholder today, Nantahala Capital Management LLC, has been joined by new investors, including funds managed by Manchester Management Company LLC, Soleum Capital Management LP as well as leading Israeli institutional investors such as Phoenix Insurance Company, Moore Investment House, Psagot and Meitav Dash Beit. Investments.
The Company sold 2,969,266 ordinary shares and options to purchase 824,869 ordinary shares at an exercise price of $ 0.0001 per share. As of July 28, 2020, the purchase price per share was equal to $ 7.47. The purchase price of each of the pre-funded options was $ 7.4699. The company also sold 31,486 ordinary shares at a share price equal to $ 7.94 or the “minimum price.”
“We are pleased to express the confidence of our largest shareholder and new institutional investors and leading investors in our healthcare sector, in our commercial expansion plans to manage existing and new contracts with health insurers,” said Dario Rafael, CEO of Dario. “The adoption rate of digital medicine has accelerated Recently following the global plague worldwide. Dario’s efficient and cost-effective solution is in a great position to compete with this market in the US, “a market that is still far from being exploited.”
Stern Aegis Ventures served as the sole leading bank in the offering. Rosario Capital served as Israel’s financial advisor.