Intelligent Bio Solutions Falls Premarket After Unveiling $10 Million Private Placement of Shares, Warrants

MT Newswires Live01-02

Intelligent Bio Solutions (INBS) shares slumped over 22% in Friday's premarket activity after the medical technology company reported overnight an agreement with two healthcare-focused institutional investors to issue an estimated 2.3 million shares, Series K-1 and K-2 warrants.

The expected gross proceeds are about $10 million, the medical technology firm said late Wednesday, adding that the private placement is priced at the market under Nasdaq rules. The US market was closed on Thursday for the New Year's holiday.

The combined purchase price is $4.35 per share plus associated warrants. Each warrant series is for the two institutional investors to purchase up to an aggregate of 2.3 million shares.

Price: 7.40, Change: -2.13, Percent Change: -22.35

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment