Company sells units of shares, three-year warrants via Roth Capital
By Devika Patel
Knoxville, Tenn., April 23 - iBio, Inc. said it priced a $4.28 million public sale of units. The offering was announced Monday.
The company will sell 8,925,000 units of one common share and 0.4 of a warrant at $0.48 per unit. Each whole warrant will be exercisable at $0.53 for three years. The strike price is a 10.42% premium to the April 22 closing share price of $0.48.
Roth Capital Partners is the manager.
Settlement is expected April 26.
Proceeds will be used for working capital, including development of the company's product candidate and proprietary technology, business development and other general corporate purposes.
The biotechnology company is based in Newark, Del.
| Issuer: | iBio, Inc.
|
| Issue: | Units of one common share and 0.4 of a warrant
|
| Amount: | $4,284,000
|
| Units: | 8,925,000
|
| Price: | $0.48
|
| Warrants: | 0.4 of a warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.53
|
| Manager: | Roth Capital Partners
|
| Announcement date: | April 22
|
| Pricing date: | April 23
|
| Settlement date: | April 26
|
| Stock symbol: | NYSE: IBIO
|
| Stock price: | $0.48 at close April 22
|
| Market capitalization: | $20.73 million
|
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