Intelligent bio solutions announces $10.1 million private placement priced at-the-market under nasdaq rules

New york, march 11, 2024 (globe newswire) -- 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.
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