INVO Bioscience announces $3M registered direct offering priced at-the-market

INVO Bioscience announced that it has entered into a securities purchase agreement with a single healthcare focused institutional investor to purchase 3,680,000 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the company has also agreed to issue and sell warrants to purchase up to an aggregate of 5,520,000 shares of common stock. The combined effective offering price for each share of common stock and warrant will be $0.815. The warrants will be immediately exercisable, expire on the eight-year anniversary of the issuance date and will have an exercise price of $0.63 per share. The gross proceeds to the company from the registered direct offering and concurrent private placement are estimated to be approximately $3M before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or about March 27, subject to the satisfaction of customary closing conditions. Maxim Group is acting as the sole placement agent for the offering.