Intelligent Bio Solutions Inc. Announces Exercise NEW YORK, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced an agreement between the Company and several current warrant holders to exercise certain existing Series E Warrants (the “Existing Warrants”) to purchase up to an aggregate of 606,064 shares of common stock that were issued on October 4, 2023, in an underwritten public offering. The Existing Warrants have an exercise price of $2.9232 per share.
The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to a registration statement that was filed and declared effective by the Securities and Exchange Commission (the “SEC”). The gross proceeds to the Company from the exercise of the Existing Warrants are expected to be approximately $1.77 million prior to deducting placement agent fees and estimated offering expenses.
In consideration for the immediate exercise of the Existing Warrants for cash, the exercising holders will receive new unregistered warrants (the “Replacement Warrants”) to purchase shares of common stock in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”). The Replacement Warrants will be exercisable into an aggregate of up to 606,064 shares of common stock, at an exercise price of $4.50 per share, and a term of exercise equal to five-and-one-half years from issuance.
The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the warrant exercise transaction.
The Replacement Warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the 1933 Act and, along with the shares of common stock issuable upon their exercise, have not been registered under the 1933 Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable upon exercise of the Replacement Warrants.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
https://www.globenewswire.com/news-release/2024/02/05/2823577/0/en/Intelligent-Bio-Solutions-Inc-Announces-Exercise-of-Previously-Issued-Warrants-for-1-77-Million-in-Gross-Proceeds.html