Vivani Medical, Inc. Announces Pricing of Common Stock Offering

Rhea-AI Summary

Vivani Medical (Nasdaq: VANI) priced a best-efforts registered direct offering of 1,689,200 shares and a concurrent private placement of 1,351,351 shares at $1.48 per share.

Gross proceeds are expected to be approximately $4.5 million before fees and expenses. The private placement purchaser is Gregg Williams, chairman of the board. The offerings are expected to close on or about January 27, 2026, and net proceeds will fund research and clinical development, working capital and general corporate purposes.

Positive

• Gross proceeds of approximately $4.5M expected
• Chairman Gregg Williams purchased 1,351,351 shares (insider participation)
• Proceeds earmarked to fund ongoing research and clinical development

Negative

• Issuance of 3,040,551 shares will dilute existing shareholders
• Gross amount is before placement agent fees and offering expenses, reducing net proceeds
• Offering is best-efforts, so actual proceeds may be lower than expected

News Market Reaction – VANI

-6.76%

12 alerts

-6.76% News Effect

-6.5% Trough in 12 min

-$7M Valuation Impact

$101M Market Cap

0.7x Rel. Volume

On the day this news was published, VANI declined 6.76%, reflecting a notable negative market reaction. Argus tracked a trough of -6.5% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $7M from the company's valuation, bringing the market cap to $101M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Registered shares: 1,689,200 shares Private placement shares: 1,351,351 shares Offering price: $1.48 per share +3 more

6 metrics

Registered shares 1,689,200 shares Best efforts registered direct offering

Private placement shares 1,351,351 shares Concurrent private placement to Chairman Gregg Williams

Offering price $1.48 per share Price for both registered offering and private placement

Gross proceeds approximately $4.5 million Combined registered offering and private placement before fees

Expected closing date January 27, 2026 Anticipated closing of offering and private placement

Medication non-adherence approximately 50% Share of patients not taking medication as prescribed

Market Reality Check

Price: $1.27 Vol: Volume 181,530 is 0.65x t...

low vol

$1.27 Last Close

Volume Volume 181,530 is 0.65x the 20-day average of 280,748, indicating subdued pre-news trading. low

Technical Shares trade above the 200-day MA of $1.31, with price at $1.48 and 22.92% below the 52-week high.

Peers on Argus

Momentum data show limited sector confirmation: only one biotech peer (IMMX) app...

1 Down

Momentum data show limited sector confirmation: only one biotech peer (IMMX) appeared, moving down about 4.52% with no news, while other close peers show mixed, mostly negative single-stock moves.

Previous Offering Reports

3 past events · Latest: Oct 28 (Negative)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Oct 28	Offering closing	Negative	+3.1%	Closed registered direct and private placement raising about $15.7M gross.
Oct 26	Offering pricing	Negative	+0.0%	Priced registered direct and private placement at $1.62 per share.
Mar 01	Offering pricing	Negative	-26.8%	Announced pricing of $15.0M registered direct offering of stock and warrants.

Pattern Detected

Prior equity offerings have produced mixed reactions: one sharp selloff, one modest gain, and one flat session, suggesting investor response to dilution and funding has been inconsistent.

Recent Company History

Over recent years, Vivani has repeatedly used equity offerings to fund development, including three prior "offering" events on Oct 26, 2025, Oct 28, 2025, and Mar 1, 2024. Those raises combined registered directs and private placements, often involving Chairman Gregg Williams. Price reactions ranged from a gain of 3.09% to a decline of 26.78%, underscoring variable market tolerance for dilution. Today’s offering continues this pattern of raising capital for R&D and corporate purposes.

Historical Comparison

+10.0% avg move · Over three prior offering announcements, VANI saw an average move of 9.96%, with outcomes ranging fr...

offering

+10.0%

Average Historical Move offering

Over three prior offering announcements, VANI saw an average move of 9.96%, with outcomes ranging from a steep selloff to a modest gain, showing volatile reactions to dilution.

Vivani has repeatedly raised equity via registered directs and concurrent private placements, often with participation from Chairman Gregg Williams, to fund pipeline and corporate needs.

Market Pulse Summary

The stock moved -6.8% in the session following this news. A negative reaction despite the added capi...

Analysis

The stock moved -6.8% in the session following this news. A negative reaction despite the added capital fits the history of dilution-sensitive trading, including the 26.78% decline after a March 2024 offering. While proceeds support R&D and corporate needs, the new shares from both the registered direct and private placement increase supply. Prior offerings around October 2025 showed more resilient pricing, so the depth of any decline could depend on how investors weigh balance-sheet strengthening against recurring equity issuance.

Key Terms

registered direct offering, private placement, prospectus supplement, prospectus, +2 more

6 terms

registered direct offering financial

"announced the pricing of a best efforts registered direct offering of 1,689,200"

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

private placement financial

"and concurrent private placement of 1,351,351 shares of its common stock"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

prospectus supplement regulatory

"A final prospectus supplement and accompanying prospectus describing the terms"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

prospectus regulatory

"A final prospectus supplement and accompanying prospectus describing the terms"

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

forward-looking statements regulatory

"This press release contains certain “forward-looking statements” within the meaning"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

safe harbor regulatory

"within the meaning of the “safe harbor” provisions of the U.S. Private Securities"

Safe harbor is a rule that protects companies or individuals from legal trouble if they follow certain guidelines or procedures. It’s like having a safety net that allows them to act without fear of punishment, as long as they stick to the rules. This helps encourage honest behavior and clear standards in financial and legal activities.

AI-generated analysis. Not financial advice.

ALAMEDA, Calif., Jan. 25, 2026 (GLOBE NEWSWIRE) -- Vivani Medical, Inc. (Nasdaq: VANI) (“Vivani” or the “Company”), a clinical-stage biopharmaceutical company developing miniature, ultra long-acting drug implants, today announced the pricing of a best efforts registered direct offering of 1,689,200 shares of its common stock at an offering price of $1.48 per share and concurrent private placement of 1,351,351 shares of its common stock at an offering price of $1.48 per share purchased by Gregg Williams, the Chairman of the Company’s board of directors. The registered offering and the private placement were priced “at-the-market” under the rules and regulations of The Nasdaq Stock Market LLC. The gross proceeds to the Company from the registered offering and private placement are expected to be approximately $4.5 million, before deducting placement agent fees and estimated offering expenses. The registered offering and private placement are expected to close on or about January 27, 2026, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the registered offering and private placement to fund ongoing research and clinical development of the Company’s product candidates, as well as for working capital and general corporate purposes.

ThinkEquity is acting as sole placement agent for the registered direct offering.

The securities in the registered direct offering were offered and will be issued pursuant to a shelf registration statement on Form S-3 (File No. 333-278869), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 22, 2024 and declared effective on May 3, 2024. The offering will be made only by means of a written prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC and will be available on its website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Vivani Medical, Inc.

Leveraging its proprietary NanoPortal™ platform, Vivani develops biopharmaceutical implants designed to deliver drug molecules steadily over extended periods of time with the goal of guaranteeing adherence and improving patient tolerance to their medication. Vivani is developing a portfolio of GLP-1 based implants for metabolic diseases including obesity and type 2 diabetes. These NanoPortal implants are designed to provide patients with the opportunity to realize the full potential benefit of their medication by avoiding the numerous challenges associated with the daily or weekly administration of orals and injectables, including tolerability issues and loss of efficacy. Medication non-adherence occurs when patients do not take their medication as prescribed. This affects an alarming number of patients, approximately 50%, including those taking daily pills. For more information, please visit www.vivani.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that are used in this press release, including statements regarding Vivani’s business, products in development, including the therapeutic potential thereof, the planned development thereof, and its technology, strategy, cash position and financial runway. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Vivani’s current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Vivani’s control. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including, without limitation, risks of unexpected costs or delays; and risks and uncertainties associated with the development and commercialization of products and product candidates that may impact or alter anticipated business plans, strategies and objectives. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from our expectations in any forward-looking statement. There may be additional risks that the Company considers immaterial, or which are unknown. A further list and description of risks and uncertainties can be found in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 31, 2025, as updated by the Company’s subsequent Quarterly Reports on Form 10-Q. Any forward-looking statement made by Vivani in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of added information, future developments or otherwise, except as required by law.

For Investor Relations Inquiries:

Company Contact:
Donald Dwyer
Chief Business Officer
info@vivani.com
(415) 506-8462

Investor Relations Contact:
Jami Taylor
Investor Relations Advisor
investors@vivani.com
(415) 506-8462

Media Contact:
Sean Leous
ICR Healthcare
Sean.Leous@ICRHealthcare.com
(646) 866-4012

FAQ

How many shares did Vivani (VANI) offer and at what price on January 26, 2026?

Vivani offered 1,689,200 shares in a registered direct offering and 1,351,351 shares in a private placement at $1.48 per share.

How much gross proceeds will Vivani (VANI) raise from the January 2026 offering?

The combined registered offering and private placement are expected to generate approximately $4.5 million in gross proceeds before fees and expenses.

Who purchased shares in Vivani's (VANI) concurrent private placement?

Gregg Williams, the company's chairman of the board, purchased 1,351,351 shares in the private placement.

When is the Vivani (VANI) offering expected to close and what are the uses of proceeds?

The offerings are expected to close on or about January 27, 2026, with net proceeds to fund ongoing research and clinical development, working capital and general corporate purposes.

Will Vivani (VANI) incur fees that reduce the offering's net proceeds?

Yes; the stated $4.5 million is gross proceeds and will be reduced by placement agent fees and estimated offering expenses.