Intelligent Bio Solutions Announces Closing of $10.1 Million Private Placement Priced At-the-Market Under Nasdaq Rules
13 Marzo 2024 - 12:30AM
Intelligent Bio Solutions Inc. ("INBS" or the "Company") (Nasdaq:
INBS), a medical technology company delivering intelligent,
rapid, non-invasive testing solutions, today announced the closing
of its previously announced private placement priced at-the-market
under Nasdaq rules of 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. The gross proceeds to INBS from the private
placement were 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 have an
exercise price of $4.55 per share of common stock and are
exercisable immediately upon issuance. The Series H-1 warrants 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 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.
Harry Simeonidis, President and CEO of INBS, commented, “We
welcome the new healthcare-focused investors and intend to use the
proceeds of this private placement for general corporate purposes,
including progressing the anticipated clinical trials for our
non-invasive Intelligent Fingerprinting Drug Screening System as
outlined in prior announcements, and market expansion.”
Ladenburg Thalmann & Co. Inc. acted as the exclusive
placement agent for the private placement.
The offer and sale of the foregoing securities were 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
will file an initial registration statement with the SEC covering
the resale of the shares of common stock 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 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 the intended use of proceeds from the private placement,
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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