Intelligent Bio slumps on deep-discounted stock offering

Intelligent Bio Solutions

08/03/2023 15:07

(Updates)
    ** Shares of diagnostic tests developer Intelligent Bio
Solutions Inc  INBS.O  fall 46% to $3.19 in morning trade
    ** Co announces pricing of stock offering of 569,560 common
shares and 170,868 shares in warrant equivalents for initial
gross proceeds of ~$2.2 mln
    ** Offering price at $3.90/shr represents 34.2% discount to
stock's $5.93 close on Tuesday
    ** Ladenburg Thalmann & Co Inc is acting as the sole
bookrunning manager for the offering - INBS 
    ** INBS has 916.3k shares outstanding and 844.6k free float
shares - Refinitiv data 
    ** Co had cash and cash equivalents of $2.9 mln as of Dec.
31, 2022 
    ** Stock has declined 84% since co announced key milestones
in its biosensor platform development in Jan

 (Reporting by Raghav Mahobe and Aditya Samal)
 ((Raghav.Mahobe@thomsonreuters.com;))