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
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