Offering made in connection with recent $14.12 million placement
By Angela McDaniels
Tacoma, Wash., Feb. 6 - Independence Bancshares, Inc. is offering up to 2,351,250 shares of common stock to its shareholders at a price of $0.80 per share. The company could raise up to $1.88 million through the non-brokered sale.
A minimum investment of $1,000 is required to participate in the offering, according to an S-1 filing with the Securities and Exchange Commission.
The company currently plans to allocate shares on a pro rata basis in accordance with the shareholders' ownership in the company if the offering is oversubscribed. However, it reserves the right to allocate shares on a first come, first served basis or through other methods.
The proceeds will be used for general corporate purposes, including to pay expenses related to future business opportunities.
The company said it is conducting the offering in connection with its recent private placement of common stock.
As previously reported, the company issued 17,648,750 shares at $0.80 each for a total of $14.12 million. The placement closed Dec. 31.
The $0.80 price is a 167% premium over the company's $0.30 closing share price on Dec. 28.
Hovde Securities, LLC was the agent for the private placement.
The proceeds were slated for improving subsidiary Independence National Bank's capital levels and financing future business opportunities.
Greenville, S.C.-based Independence Bancshares is the holding company for Independence National Bank.
| Issuer: | Independence Bancshares, Inc.
|
| Issue: | Common stock
|
| Amount: | Up to $1,881,000
|
| Shares: | Up to 2,351,250
|
| Price: | $0.80
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Announcement date: | Feb. 6
|
| Stock symbol: | OTCBB: IEBS
|
| Stock price: | $1.00 at close Feb. 6
|
| Market capitalization: | $2.08 million
|
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