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Intelligent Bio Solutions Inc. (NASDAQ:INBS), a micro-cap company with a market capitalization of $11.57 million, announced that its board of directors approved an extension of the expiration date for its outstanding Series H-1 Common Stock Purchase Warrants. According to InvestingPro analysis, the company currently shows a weak financial health score, with several challenges including rapid cash burn and short-term liquidity concerns. According to a press release statement based on a recent SEC filing, the termination date for these warrants has been moved from 5:00 p.m. (New York City time) on September 27, 2025, to 5:00 p.m. on March 27, 2026.
The company reported that the exercise prices and all other terms of the Series H-1 Warrants remain unchanged. As of the date of the announcement, there are outstanding Series H-1 Warrants to purchase a total of 1,034,213 shares of the company’s common stock, held by six warrant holders. Intelligent Bio Solutions stated that each of these holders consented to the extension.
The company also noted that it did not receive any consideration in connection with the extension of the warrant expiration date. Aside from the warrant holders’ consent, there are no additional agreements or understandings between the company and the warrant holders related to the extension.
The description of the amended Series H-1 Warrants is qualified in its entirety by reference to the full text of the Series H-1 Warrant, which was included as an exhibit to the SEC filing. Intelligent Bio Solutions Inc. is incorporated in Delaware and its common stock is listed on The Nasdaq Stock Market LLC under the symbol INBS. The company maintains a moderate debt level with a debt-to-equity ratio of 0.09, though its current ratio of 0.77 indicates potential liquidity challenges.
This information is based on a press release statement included in the company’s recent SEC filing.
In other recent news, Intelligent Bio Solutions Inc. has been asked by the U.S. Food and Drug Administration (FDA) to submit a new 510(k) notification for its Intelligent Fingerprinting Drug Screening System. This comes after the company received feedback that further information is needed despite most responses to the FDA’s earlier request being satisfactory. Additionally, Intelligent Bio Solutions has submitted its Additional Information response to the FDA and anticipates feedback within six weeks as it aims to enter the U.S. market later this year. Meanwhile, the company has secured a contract with a major London public transport operator to deploy its drug screening technology across 14 sites. In efforts to strengthen its FDA submission, Intelligent Bio Solutions has gathered new data on the security and performance of its screening system, which will be submitted to the FDA soon. The company completed cybersecurity and electromagnetic compatibility testing to ensure system resilience. On the international front, Intelligent Bio Solutions has expanded its global reach by signing a distribution agreement with SMARTOX for its SmarTest Patch, targeting markets outside the U.S. and Canada. This agreement complements SMARTOX’s existing distribution of Intelligent Bio Solutions’ drug testing products in the U.S. forensic market.
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