Intelligent Bio Solutions Announces $10.1 Mln Private Placement

(RTTNews) - Monday, Intelligent Bio Solutions Inc. (INBS) announced its securities purchase agreements with various healthcare-focused institutional and accredited investors on March 8th, aiming to raise around $10.1 million.

The private placement, conducted as per Nasdaq rules, involves the issuance of either 2,223,333 common stock shares or pre-funded warrants.

Additionally, Series H-1 and Series H-2 warrants are included, allowing the purchase of up to 2,223,333 common stock shares each. The price per share or pre-funded warrant is fixed at $4.55.

Both Series H-1 and Series H-2 warrants can be exercised immediately upon issuance, each priced at $4.55 per share.

The H-1 warrants will remain valid for eighteen months post the SEC's effective registration statement date, while the H-2 warrants have a five-year term, subject to reduction to 20 days after potential FDA 510k clearance for the Intelligent Fingerprinting Drug Screening System.

The private placement closure is projected around March 12, 2024, with Ladenburg Thalmann & Co. Inc. serving as the exclusive placement agent.