Intelligent Bio Solutions Inc. Announces Exercise of Previously Issued Warrants for $1.77 Million in Gross Proceeds
05 Febrero 2024 - 8:00AM
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.
About Intelligent Bio Solutions
Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is
a medical technology company delivering innovative, rapid,
non-invasive testing solutions. The Company believes that its
Intelligent Fingerprinting Drug Screening System will revolutionize
portable testing through fingerprint sweat analysis, which has the
potential for broader applications in additional fields. Designed
as a hygienic and cost-effective system, the test screens for
recent use of drugs commonly found in the workplace, including
opiates, cocaine, methamphetamine, and cannabis. With sample
collection in seconds and results in under ten minutes, this
technology would be a valuable tool for employers in
safety-critical industries. Additionally, the Company's biosensor
platform has the potential to test for up to 130 indications,
ranging from glucose to immunological conditions and communicable
diseases. The Company's current customer segments include
construction, manufacturing and engineering, transport and
logistics firms, drug treatment organizations, and coroners.
For more information,
visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, Intelligent Bio
Solutions Inc.'s ability to successfully develop and commercialize
its drug and diagnostic tests, realize commercial benefit from its
partnerships and collaborations, and secure regulatory approvals,
among others. Although Intelligent Bio Solutions Inc. believes that
the expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Intelligent Bio Solutions Inc. has
attempted to identify forward-looking statements by terminology,
including "believes," "estimates," "anticipates," "expects,"
"plans," "projects," "intends," "potential," "may," "could,"
"might," "will," "should," "approximately" or other words that
convey uncertainty of future events or outcomes to identify these
forward-looking statements. These statements are only predictions
and involve known and unknown risks, uncertainties, and other
factors, included in Intelligent Bio Solutions' public filings
filed with the Securities and Exchange Commission. Any
forward-looking statements contained in this release speak only as
of its date. Intelligent Bio Solutions undertakes no obligation to
update any forward-looking statements contained in this release to
reflect events or circumstances occurring after its date or to
reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions
Inc.info@ibs.incLinkedIn | Twitter
Media Contact:
Cheryl BillsonComma
Communicationscheryl.billson@commacomms.com+44 (0)7791 720460
Intelligent Bio Solutions (NASDAQ:INBS)
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