Intelligent Bio Solutions announces exercise of warrants from $1.77M in proceeds

Intelligent Bio Solutions announced an agreement between the Company and several current warrant holders to exercise certain existing Series E Warrants to purchase up to an aggregate of 606,064 shares of common stock that were issued on October 4, 2023, in an underwritten public offering. The Existing Warrants have an exercise price of $2.9232 per share. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to a registration statement that was filed and declared effective by the Securities and Exchange Commission. The gross proceeds to the Company from the exercise of the Existing Warrants are expected to be approximately $1.77 million prior to deducting placement agent fees and estimated offering expenses. In consideration for the immediate exercise of the Existing Warrants for cash, the exercising holders will receive new unregistered warrants to purchase shares of common stock in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Replacement Warrants will be exercisable into an aggregate of up to 606,064 shares of common stock, at an exercise price of $4.50 per share, and a term of exercise equal to five-and-one-half years from issuance. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes. Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the warrant exercise transaction.