Bone Biologics Corporation, a leading developer of orthobiologic products catering to spine fusion markets, declared today its definitive agreement for a registered direct offering and concurrent private placement. The company is set to issue and sell 1,139,063 shares of its common stock at a purchase price of $0.64 per share in the registered direct offering, following Nasdaq rules for at-the-market pricing. Simultaneously, in the private placement, Bone Biologics has committed to selling unregistered warrants to acquire up to an aggregate of 1,139,063 shares of its common stock.
The offering, managed by H.C. Wainwright & Co. as the exclusive placement agent, is slated to conclude on or about November 20, 2023, pending the fulfillment of customary closing conditions.
In the aftermath of this announcement, Bone Biologics’ stock faced a significant decline in today’s trading. Closing Thursday’s session at $0.78, the stock opened Friday morning at $0.51 and currently hovers at $0.54.
At the time of this publication, Bone Biologics Corp stock (BBLG) has witnessed a decline.
Bone Biologics Corp
Current Price: $0.54
Change : -0.24
Change (%): (-30.76%)
Volume: 1.8M
Source: Tomorrow Events Market Data
The unregistered warrants will feature an exercise price of $0.52 per share and will become exercisable upon issuance, boasting a term of five and one-half years from the date of issuance.
Anticipated gross proceeds to Bone Biologics from the offering stand at approximately $729,200, before deductions for the placement agent’s fees and other associated offering expenses. The company aims to allocate the net proceeds from the offering towards funding clinical trials, bolstering and extending its patent portfolio, and for general corporate purposes, including working capital.
The common stock of Bone Biologics offered in the registered direct offering (excluding the unregistered warrants offered concurrently and the common stock underlying these warrants) is being offered and sold by the company under a “shelf” registration statement on Form S-3 (Registration No. 333-265872). This statement, which includes a base prospectus, was filed with the Securities and Exchange Commission (SEC) on June 28, 2022, and was declared effective by the SEC on July 11, 2022.
