Vivos Therapeutics Inc. (VVOS) experienced a notable increase in its stock value, with shares climbing over 21% in after-hours trading. This surge was triggered by an SEC disclosure announcing that SP Manager LLC, under the leadership of Michael C. Skaff, has secured a substantial 19.9% ownership in the medical technology firm. This significant stake, representing approximately 2.69 million common shares, was amassed through a $2.39 million private placement involving three affiliated investment entities: V-CO Investors LLC, V-CO Investors 2 LLC, and V-CO Investors 3 LLC, collectively holding 3.8%, 6.1%, and 10% respectively.
A key component of this investment involved V-CO Investors 3 LLC entering a Securities Purchase Agreement with Vivos on March 31. This agreement facilitated the acquisition of 1.35 million shares at $1.34 each, totaling around $1.81 million. This figure encompasses the conversion of a $1.4 million convertible promissory note, initially issued on January 15, into shares at $1.09 per share, with an additional $0.25 per share to meet Nasdaq's minimum price requirements. Furthermore, the agreement granted V-CO Investors 3 LLC both Series A and Series B warrants, each covering 1.78 million shares at an exercise price of $1.09 per share, alongside a pre-funded warrant for 429,957 shares at a nominal price, designated for general working capital.
Despite this recent uptick, Vivos Therapeutics, a Colorado-based medical technology company with a market capitalization of $12.46 million, has faced challenges, evidenced by a 48.64% decline in its stock over the past year. The stock's current trading price is near its 52-week low of $1.09, contrasting with its 52-week high of $7.95, and its Relative Strength Index (RSI) stands at 50.49. This significant investment by SP Manager LLC marks a pivotal moment for Vivos Therapeutics, potentially signaling renewed confidence and providing a strategic boost to its financial trajectory and market standing. The influx of capital and a strong institutional backing could empower the company to navigate market volatilities and foster future growth.