GBS, Inc. Announces Closing of Upsized $21.6 Million Initial Public Offering
28 Diciembre 2020 - 4:12PM
GBS Inc. (the “Company”) (Nasdaq: GBS), a life sciences company
developing non-invasive, real-time diagnostic testing in the hands
of patients and their primary health practitioners at point of
care, today announced the closing of its previously announced
initial public offering of 1,270,589 units of its securities, which
amount reflected the 20% upsizing of the offering that was
implemented at the time of pricing. Each unit was sold at the price
of $17.00 and immediately separated into (a) one share of the
Company’s common stock, (b) one Series A Warrant to purchase one
share of the Company’s common stock at an exercise price equal to
$8.50 per share exercisable until the 5th anniversary of the
issuance date, and (c) one Series B Warrant to purchase one share
of the Company’s common stock at an exercise price equal to $17.00
per share exercisable until the 5th anniversary of the issuance
date and subject to certain adjustment and cashless exercise
provisions as described herein. The Series B Warrants contain an
exchange feature that permit the holder to exchange the warrant
into shares of common stock on a one-for-one basis any time
commencing the earlier of 10 days from the IPO or the time when $10
million of volume is traded in the common stock (which has already
occurred) if the closing stock price of the common stock on the
date of exercise is below the exercise price of the Series B
Warrant. The Company intends to use the net proceeds from this
offering for obtaining regulatory approvals, marketing and
establishing a distribution network, in addition to working
capital. The gross proceeds from the offering were approximately
$21.6 million before deducting underwriting discounts, commissions
and offering expenses.
The underwriters also exercised their
over-allotment option with respect to 190,588 Series A Warrants and
190,588 Series B Warrants.
The shares of the Company’s common stock began
trading on the Nasdaq Global Market on December 23, 2020 under the
ticker symbol “GBS”. The Series A Warrants and the Series B
Warrants are not listed for trading.
The securities were offered pursuant to a
registration statement on Form S-1, which was declared effective by
the Securities and Exchange Commission (“SEC”) on December 22,
2020, and an additional registration statement filed pursuant to
Rule 462(b), which became effective on December 22, 2020. Copies of
the registration statement can be accessed by visiting the SEC’s
website at www.sec.gov. The offering was made only by means of a
prospectus. A copy of the final prospectus relating to the offering
may be obtained by visiting the SEC’s website or from: Dawson James
Securities, 101 N Federal Highway Suite 600 Boca Raton, Florida,
33432, Attention: Prospectus Department or by telephone at 1(866)
928-0928 or email at syndicate@dawsonjames.com.
Dawson James Securities, Inc. acted as the sole
book-running manager for the offering.
Schiff Hardin LLP, Washington, DC, acted as
counsel to the Company in connection with the offering. Ellenoff
Grossman & Schole LLP, New York, New York, acted as the
underwriters’ legal counsel.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About GBS, Inc.
GBS Inc. is a biosensor diagnostic technology
company on a mission to put the power of non-invasive, real-time
diagnostic testing in the hands of patients and their primary
health practitioners at point of care. With the world-first
Biosensor Platform, GBS Inc. intends to develop and launch
point-of-care diagnostic tests urgently needed to help control
COVID-19 and change the lives of people living with diabetes.
Forward Looking Statements
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
federal securities laws. Words such as “may,” “might,” “will,”
“should,” “believe,” “expect,” “anticipate,” “estimate,”
“forecast,” “project,” “plan,” “intend” or similar expressions, or
statements regarding intent, belief, or current expectations,
including the Company’s expectations regarding the proposed
offering of the Company’s securities, including as to the
consummation of the offering described above and the size of the
offering are forward-looking statements. While the Company believes
these forward-looking statements are reasonable, undue reliance
should not be placed on any such forward-looking statements, which
are based on information available to us on the date of this
release. These forward looking statements are based upon current
estimates and assumptions and are subject to various risks and
uncertainties, including without limitation those set forth in the
Company’s filings with the Securities and Exchange Commission,
including, but not limited to, risk factors relating to its
business contained therein. Thus, actual results could be
materially different. The Company expressly disclaims any
obligation to update or alter statements whether as a result of new
information, future events or otherwise, except as required by
law.
Contacts
Jeremy FefferLifeSci Advisors, LLCT: 212.915.2568
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