Intelligent Bio Solutions Inc. (NASDAQ: INBS) the medical technology firm, renowned for its provision of rapid, non-invasive, and intelligent testing solutions, revealed that it had executed several securities purchase agreements on March 8, 2024, and declared the conclusion of the $10.1M offering on March 12, 2024.
Currently, the stock of Intelligent Bio Solutions is trading above its 10, 20, and 50-day moving averages, having experienced a surge of approximately 65% in the last month and 37% since January 1, 2024. This surge occurred on relatively low trading volume compared to its 30- and 60-day volume averages. It's important to highlight that the stock has an extremely low reported float and is trading around $4.50 per share, with a 52-week high of $49.20 per share. Furthermore, institutional investors own approximately 9.3% of Intelligent Bio Solutions shares, while insiders hold 0.3%. See Institutional Ownership Information
The company disclosed that these agreements were with various institutional and accredited investors. Intelligent Bio Solutions issued a total of 2,223,333 shares of common stock, along with Series H-1 warrants for the purchase of up to 2,223,333 shares of common stock, and Series H-2 warrants for the purchase of 2,223,333 shares of common stock. The shares were priced at $4.55 each, aiming to raise approximately $10.1 million in proceeds. However, it's important to note that deductions for agent fees and other offering-related expenses will be applied.
Additionally, Intelligent Bio Solutions announced that the Series H-1 warrants would have an 18-month term, while the Series H-2 warrants would be valid for 5 years. Ladenburg Thalmann & Co., Inc. serves as the exclusive agent for the private placement, expected to close by March 12, 2024. The proceeds from the offering will be allocated towards financing the company's general corporate and working capital requirements.
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