IGC Pharma announces $3M unregistered private placement of common stock

IGC Pharma announced a $3M strategic investment from funds managed by asset management firm Bradbury Asset Management Limited. On March 22, the company entered into a Share Purchase Agreement, or “SPA,” with Bradbury, subject to the terms and subject to the conditions set forth in the SPA. The investment is for approximately $3M in gross proceeds at the March 21, closing price of 34c. The funds will support general corporate purposes and the company’s advancement of its investigational medicines including IGC-AD1. The completion of the private placement is subject to customary closing conditions, including approval by the NYSE. Under the terms of the SPA, IGC will issue 8,823,529 shares of common stock. The shares are unregistered and are not immediately tradable.