Why Did Vivos Therapeutics (VVOS) Stock Jump Over 21% After Hours

Vivos Therapeutics Inc. (NASDAQ:VVOS) shares surged 21.21% after hours to $1.60 on Thursday after a Securities and Exchange Commission filing revealed that a Michigan-based investor group acquired a 19.9% stake through a $2.39 million private placement. SP Manager LLC and its managing director, Michael C. Skaff, now control 19.9% of VVOS's outstanding common stock, or roughly 2.69 million shares. Their stake is held through three affiliated investment vehicle: V-CO Investors LLC with 3.8%, V-CO Investors 2 LLC with 6.1%, and V-CO Investors 3 LLC with 10%. SP Manager LLC often serves as a manager or advisor for specific investment vehicles and private ventures. Convertible Promissory Note On March 31, V-CO Investors 3 LLC entered a Securities Purchase Agreement with Vivos, acquiring 1.35 million shares at $1.34 per share for about $1.81 million. This total includes the conversion of a $1.4 million convertible promissory note issued Jan. 15, converted at $1.09 per share plus $0.25 per share to comply with Nasdaq minimum price rules. Under the Securities Purchase Agreement, V-CO Investors 3 LLC received Series A and Series B warrants, each covering 1.78 million shares at an exercise price of $1.09 per share. The agreement also includes a pre-funded warrant for 429,957 shares at $0.0001, with the proceeds intended for general working capital. Trading Metrics, Technical Analysis Vivos Therapeutics, a Colorado-based medical technology company, has a market capitalization of $12.46 million and a 52-week trading range of $1.09 to $7.95. The stock has a Relative Strength Index (RSI) of 50.49. VVOS has fallen 48.64% over the past 12 months, highlighting challenges for its longer-term outlook. The small-cap stock is currently trading near its 52-week low. Price Action: VVOS closed Thursday’s regular session up 3.13% at $1.32, according to Benzinga Pro data. Benzinga’s Edge Stock Rankings indicate that VVOS has a negative price trend across all time frames. Photo Courtesy: SuPatMaN on Shutterstock.com Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.