Hancock Jaffe Laboratories, which is developing bioprosthetic devices for cardiovascular surgeries, raised $8 million by offering an upsized 1.5 million units at $5, below $6 to $8 range. The company initially filed to raise $8 million by offering 1.2 million units at the same range. Each unit consists of one share of common stock and one warrant to purchase one share of common stock. At pricing, the Irvine, CA-based company will command a market value of $53 million and an enterprise value of $46 million. Hancock Jaffe Laboratories plans to list on the Nasdaq under the symbol HJLI. Network 1 Financial Securities acted as a lead manager on the deal.
