New York, March 12, 2024 - Intelligent Bio Solutions Inc. (Nasdaq: INBS), a leading medical technology company offering intelligent, rapid, and non-invasive testing solutions, has announced the successful closing of its previously announced private placement priced at-the-market under Nasdaq rules. The placement involved 2,223,333 shares of common stock (or pre-funded warrants in lieu thereof), Series H-1 warrants, and Series H-2 warrants, all offered at a combined purchase price of $4.55 per share/warrant.
This private placement has resulted in gross proceeds of approximately $10.1 million for Intelligent Bio Solutions Inc. before deduction of placement agent fees and other offering expenses. The funding secured through this transaction will play a crucial role in advancing the company’s mission to develop and commercialize cutting-edge testing solutions.
The Series H-1 and Series H-2 warrants, exercisable at $4.55 per share, provide investors with the opportunity to purchase up to an aggregate of 2,223,333 shares of common stock. The Series H-1 warrants have a term of eighteen months following the effectiveness of a registration statement declared by the U.S. Securities and Exchange Commission (SEC) for all warrant shares, while the Series H-2 warrants have a term of exercise equal to five years, which will be reduced to 20 calendar days upon the announcement of 510k clearance by the U.S. Food and Drug Administration (FDA) for the company’s Intelligent Fingerprinting Drug Screening System.
This remarkable achievement in securing substantial funding comes after Intelligent Bio Solutions Inc. managed to enhance its Total Debt to Equity ratio in the second quarter of 2023, surpassing the industry average despite a net increase in borrowings by -7.19%. The company’s Total Debt to Equity ratio improved from 0.52 in the first quarter of 2023 to a remarkable 1407, setting a new company high.
Furthermore, when compared to five other companies within the same industry in Q2 of 2023, Intelligent Bio Solutions Inc. outperformed with a higher Total Debt to Equity ratio. Their trailing twelve months Total Debt to Equity ratio, which improved to 0.23, indicates a record low within the industry, reflecting the company’s dedication to managing its debt efficiently.
Intelligent Bio Solutions Inc.’s successful pricing of a $4 million underwritten public offering on October 2, 2023, further highlights the company’s commitment to accelerating transformative healthcare technologies. This capital will support the continuous development and commercialization of their innovative testing solutions.
In conclusion, Intelligent Bio Solutions Inc.’s closing of a $10.1 million private placement, combined with their previous underwritten public offering, showcases the company’s strong financial position and its ability to attract significant investments. These achievements serve as a testament to the company’s promising future in the competitive medical technology sector.
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