NEW YORK - Intelligent Bio Solutions Inc. (NASDAQ:INBS), a medical technology company specializing in rapid, non-invasive testing solutions, has entered into securities purchase agreements with several healthcare-focused institutional and accredited investors. The agreement, finalized on Thursday, involves the private placement of common stock and warrants, with anticipated gross proceeds of approximately $10.1 million.
The transaction includes the issuance of 2,223,333 shares of common stock or pre-funded warrants, along with Series H-1 and Series H-2 warrants to purchase up to an aggregate of 4,446,666 shares of common stock. The purchase price is set at $4.55 per share or warrant, which aligns with the market price under Nasdaq rules.
The Series H-1 and Series H-2 warrants, both exercisable immediately upon issuance, are priced at $4.55 per share. The H-1 warrants will be valid for eighteen months post-effectiveness of a related SEC registration statement, while the H-2 warrants have a five-year term, shortened to 20 days following potential FDA clearance of the company’s Intelligent Fingerprinting Drug Screening System.
The closing of the private placement is expected to occur around March 12, 2024, subject to customary conditions. Intelligent Bio Solutions plans to allocate the net proceeds for working capital and general corporate purposes.
The securities offered have not been registered under the Securities Act of 1933 and are therefore subject to restrictions on their sale within the United States. The company has committed to file a registration statement for the resale of the shares and warrants to the investors within 10 days following the agreement date.
Intelligent Bio Solutions' Intelligent Fingerprinting Drug Screening System is designed to provide quick and hygienic drug testing through fingerprint sweat analysis. This technology, which can deliver results in less than ten minutes, is aimed at safety-critical industries such as construction and transportation.
This news is based on a press release statement and includes forward-looking statements that are subject to risks and uncertainties. These statements do not guarantee future performance, and actual results could differ materially from those projected.
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