Intelligent Bio Solutions Announces $10.1 Million Private Placement Priced At-the-Market Under Nasdaq Rules
11 Marzo 2024 - 1:30PM
Intelligent Bio Solutions Inc. ("INBS" or the "Company") (Nasdaq:
INBS), a medical technology company delivering intelligent,
rapid, non-invasive testing solutions, today announced that on
March 8, 2024, it entered into securities purchase agreements with
several healthcare-focused institutional and accredited investors
to issue, in a private placement priced at-the-market under Nasdaq
rules, 2,223,333 shares of common stock (or pre-funded
warrants in lieu thereof), Series H-1 warrants to purchase up to an
aggregate of 2,223,333 shares of common stock and Series
H-2 warrants to purchase up to an aggregate
of 2,223,333 shares of common stock, at a combined
purchase price of $4.55 per share of common stock (or pre-funded
warrant) and associated Series H-1 warrants and Series H-2
warrants, for expected gross proceeds to INBS of approximately
$10.1 million, before deducting placement agent fees and other
offering expenses payable by the Company. The Series H-1 warrants
and Series H-2 warrants will have an exercise price of $4.55 per
share of common stock and will be exercisable immediately upon
issuance. The Series H-1 warrants will have a term of eighteen
months following the date a registration statement registering all
warrant shares underlying the Series H-1 warrants is declared
effective by the United States Securities and Exchange Commission
(“SEC”). The Series H-2 warrants will have a term of exercise equal
to five years, which will be reduced to 20 calendar days following
any date the Company makes a public announcement of 510k clearance
by the U.S. Food and Drug Administration (FDA) of the Company’s
Intelligent Fingerprinting Drug Screening System.
Ladenburg Thalmann & Co. Inc. is acting as
the exclusive placement agent for the private placement.
The closing of the private placement is expected
to occur on or about March 12, 2024, subject to the satisfaction of
customary closing conditions. The Company intends to use the net
proceeds from the private placement for working capital and for
general corporate purposes.
The offer and sale of the foregoing securities
are being made in a transaction not involving a public offering and
the securities have not been registered under the Securities Act of
1933, as amended (the “Securities Act”), or applicable state
securities laws. Accordingly, the securities may not be offered or
sold in the United States except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Securities Act and such applicable
state securities laws. Under an agreement with the investors, the
Company agreed to file an initial registration statement with the
SEC covering the resale of the shares of common stock to be issued
to the investors (including the shares of common stock issuable
upon the exercise of the warrants) no later than 10 calendar days
following the date of the agreement and to use its best efforts to
have the registration statement declared effective as promptly as
practical thereafter, and in any event no later than 45 days after
the date of such agreement.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Intelligent Bio Solutions
Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is
a medical technology company delivering innovative, rapid,
non-invasive testing solutions. The Company believes that its
Intelligent Fingerprinting Drug Screening System will revolutionize
portable testing through fingerprint sweat analysis, which has the
potential for broader applications in additional fields. Designed
as a hygienic and cost-effective system, the test screens for
recent use of drugs commonly found in the workplace, including
opiates, cocaine, methamphetamine, and cannabis. With sample
collection in seconds and results in under ten minutes, this
technology would be a valuable tool for employers in
safety-critical industries. Additionally, the Company's biosensor
platform has the potential to test for up to 130 indications,
ranging from glucose to immunological conditions and communicable
diseases. The Company's current customer segments include
construction, manufacturing and engineering, transport and
logistics firms, drug treatment organizations, and coroners.
For more information,
visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, Intelligent Bio
Solutions Inc.'s ability to consummate the proposed transaction
described in this press release, develop and commercialize its drug
and diagnostic tests, realize commercial benefit from its
partnerships and collaborations, and secure regulatory approvals,
among others. Although Intelligent Bio Solutions Inc. believes that
the expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Intelligent Bio Solutions Inc. has
attempted to identify forward-looking statements by terminology,
including "believes," "estimates," "anticipates," "expects,"
"plans," "projects," "intends," "potential," "may," "could,"
"might," "will," "should," "approximately" or other words that
convey uncertainty of future events or outcomes to identify these
forward-looking statements. These statements are only predictions
and involve known and unknown risks, uncertainties, and other
factors, included in Intelligent Bio Solutions' public filings
filed with the Securities and Exchange Commission. Any
forward-looking statements contained in this release speak only as
of its date. Intelligent Bio Solutions undertakes no obligation to
update any forward-looking statements contained in this release to
reflect events or circumstances occurring after its date or to
reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions
Inc.info@ibs.incLinkedIn | Twitter
Investor & Media Contact:
Valter Pinto, Managing DirectorKCSA Strategic CommunicationsPH:
(212) 896-1254INBS@kcsa.com
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