iBio Inc, a prominent biopharmaceutical company, has officially disclosed the pricing details for its reasonable best efforts public offering. The company is set to release 2,250,000 shares of its common stock, accompanied by Series C and Series D warrants. These warrants allow the purchase of up to an aggregate of 2,250,000 shares of common stock. The entire package is being offered at a combined public offering price of $2.00 per share, resulting in a substantial gross revenue of approximately $4.5 million. The Series C and Series D warrants will possess an exercise price of $2.00 per share and will be immediately exercisable following the date of issuance. The expiration dates for these warrants are set at two years and five years from the original issuance date, respectively.
Following this significant announcement, the stock of the company, which had concluded Monday’s trading at $2.70, experienced a notable decline. The opening on Tuesday’s trading session saw the stock commence at $1.53.
At the time of this publication, Ibio Inc stock (IBIO) has witnessed a decline.
Ibio Inc
Current Price: $1.52
Change : -1.18
Change (%): (-43.70%)
Volume: 2.1M
Source: Tomorrow Events Market Data
The anticipated closing of the public offering of iBio is scheduled to take place on or around December 7, 2023, contingent upon the satisfaction of customary closing conditions. iBio Inc has outlined its strategic utilization of the net proceeds, with a primary focus on working capital and general corporate purposes. This includes allocations for research and development, trial preparation expenses, and retention and severance payments for certain employees or former employees. Additionally, the company may explore opportunities to invest in or acquire other products, businesses, or technologies, although, as of the date of this press release, no commitments or agreements have been established in this regard.
A.G.P./Alliance Global Partners has been designated as the lead placement agent for this offering, with Brookline Capital Markets, a division of Arcadia Securities, LLC, serving as the co-placement agent.
The offering has been officially registered under Form S-1 (No. 333-275204), as amended, with the Securities and Exchange Commission (“SEC”). The SEC declared the form effective on December 4, 2023.
iBio Inc, renowned for its endeavors in the development and manufacture of biotherapeutics, operates through the Biopharmaceuticals and Bioprocessing segments. The company continues to play a significant role in the biotechnology sector, contributing to advancements in the field.
