- iBio ( NYSE: IBIO ) shares down 37.6% after-hours after the firm has priced its previously announced underwritten public offering of an aggregate of 3,365,385 shares of its common stock, Series A warrants to purchase up to 3,365,385 shares of common stock and Series B warrants to purchase up to 3,365,385 shares of common stock, at a combined public offering price of $1.04/share and accompanying warrants.
- The Series A warrants will have an exercise price of $1.04/share, will be exercisable immediately upon issuance and will expire five years from the date of issuance, and the Series B warrants will have an exercise price of $1.04/share, will be exercisable immediately upon issuance and will expire twenty-four months from the date of issuance.
- Offering is expected to occur on or about December 9, 2022.
- Underwriter are granted a 30-day option to purchase 504,807 additional shares of its common stock and/or warrants to purchase up to 1,009,614 additional shares of its common stock at the public offering price.
- Gross proceeds from the offering are expected to be ~$3.5M.
- Net proceeds from the offering will be used primarily for operating costs, in addition to working capital needs and for other general corporate purposes.
For further details see:
iBio shares slide on pricing $3.5M securities offering