BBLN - Babylon receives $80M in total subscriptions for PIPE financing
- Babylon ( NYSE: BBLN ) shares fell 4% Tuesday morning after it received board authorization for maximum of $80M in total subscriptions for its previously announced PIPE financing
- The subscriptions collectively provide for Babylon's ( BBLN ) sale of 189,924,505 Class A ordinary shares (prior to rounding of fractional shares) to the PIPE investors at a price of $0.42122/share.
- The price per share for the subscriptions is equal to the average closing price of Babylon's Class A ordinary shares on the NYSE for the five trading days immediately prior to the execution of the subscription agreements for the subscriptions.
- The subscriptions include $61.45M in initial subscriptions previously reported on October 17, 2022, including initial subscriptions from the two largest existing Babylon institutional investors: entities affiliated with Kinnevik and VNV Global.
- Gross proceeds from all subscriptions will be $80M. Proceeds from the financing will be used to fund the ongoing development of its digital-first platform and services for managing population health, working capital and other general corporate purposes.
- The transaction is expected to close around Nov. 03, 2022.
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Babylon receives $80M in total subscriptions for PIPE financing