Intelligent Bio Solutions prices $10M private placement

Intelligent Bio Solutions (INBS) announced that it entered into a securities purchase agreement with two healthcare focused institutional investors to issue, in a private placement priced at-the-market under Nasdaq rules, 2.3M shares of common stock, Series K-1 warrants to purchase up to an aggregate of 2.3M shares of common stock and Series K-2 warrants to purchase up to an aggregate of 2.3M shares of common stock, at a combined purchase price of $4.35 per share of common stock and associated Series K-1warrants and Series K-2 warrants, for expected gross proceeds to INBS of approximately $10M, before deducting placement agent fees and other offering expenses payable by the company. The Series K-1 warrants and Series K-2 warrants will have an exercise price of $4.10 per share of common stock and will be exercisable immediately upon issuance. The Series K-1 warrants and Series K-2 warrants will each have a term of five years following the date a registration statement registering all warrant shares underlying the Series K-1 warrants and Series K-2 warrants is declared effective by the SEC. Ladenburg Thalmann & Co. is acting as the exclusive placement agent for the private placement.