Business Context and Reporting Period
This Form 8-K is a current report filed by Ra Medical Systems, Inc. (not Catheter Precision, Inc.) on January 18, 2022. The registrant is a Delaware corporation with principal executive offices in Carlsbad, California, and its common stock trades on the NYSE American under the symbol RMED. The company is classified as an emerging growth company.
Key Financial Metrics
This filing does not report standard financial performance metrics such as revenue, profit, cash flow, margins, or debt levels. The only financial data disclosed relates to a specific equity financing facility:
- ATM Facility Gross Proceeds: Approximately $16.0 million.
- Shares Sold: 3,811,170 shares of common stock.
- Facility Status: Terminated and no longer available for use.
Material Changes
The primary material event reported is the termination of a Material Definitive Agreement. On January 18, 2022, H.C. Wainwright & Co. ("HCW") delivered written notice to Ra Medical Systems, Inc. terminating the "At the Market Offering Agreement" (ATM Agreement) dated January 26, 2021. This action was taken pursuant to Section 8(b) of the agreement, effective immediately.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the immediate cessation of the ATM Facility. The termination means the company can no longer utilize this specific mechanism to sell shares into the market. The filing references the full ATM Agreement filed as Exhibit 1.2 to the Company's Form S-3 Registration Statement for complete terms.
Investor Verification Checklist
- Verify the current cash position of Ra Medical Systems, Inc. following the termination of the ATM Facility.
- Confirm if the company has secured alternative financing sources to replace the terminated ATM Facility.
- Review the full text of the ATM Agreement (Exhibit 1.2 to Form S-3) to understand the specific conditions under which HCW exercised the termination right.
- Check subsequent filings for any new equity offering agreements or changes in capital structure.