Company sells 3 million shares at $2.00 apiece, or a 4.76% discount
By Devika Patel
Knoxville, Tenn., Oct. 27 - iBio, Inc. said it conducted a $6 million private placement of stock.
The company sold 3 million common shares at $2.00 apiece. The price per share is a 4.76% discount to $2.10, the Oct. 26 closing share price.
Investors also received 100% warrant coverage. Each five-year warrant is exercisable at $2.20, a 4.76% premium to the Oct. 26 closing price.
The biotechnology company is based in Newark, Del.
| Issuer: | iBio, Inc.
|
| Issue: | Common stock
|
| Amount: | $6 million
|
| Shares: | 3 million
|
| Price: | $2.00
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.20
|
| Settlement date: | Oct. 27
|
| Stock symbol: | OTCBB: IBPM
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| Stock price: | $2.16 at close Oct. 27
|
| Market capitalization: | $61.07 million
|
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