Units sold through Maxim Group to fund capital contributions to Nutra
By Devika Patel
Knoxville, Tenn., June 20 – RiceBran Technologies said it priced a $7.5 million public offering of units. The deal was announced Thursday.
The company will sell 1,417,500 units of one common share and one half-share warrant at $5.29 per unit, with the whole warrant exercisable at $5.87 for five years. The strike price is identical to the June 19 closing share price.
Maxim Group LLC is the sole bookrunner.
Settlement is expected June 25.
Proceeds will be used for capital contributions to Nutra SA, to pay off the company's senior revolving note and for general corporate purposes.
The Scottsdale, Ariz., company produces human and animal food products derived from rice bran.
| Issuer: | RiceBran Technologies
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | $7,498,575
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| Units: | 1,417,500
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| Price: | $5.29
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $5.87
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| Bookrunner: | Maxim Group LLC
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| Announcement date: | June 19
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| Pricing date: | June 20
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| Settlement date: | June 25
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| Stock symbol: | Nasdaq: RIBT
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| Stock price: | $5.87 at close June 19
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| Market capitalization: | $34.03 million
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