Maxim Group helps sell 1,181,696 units of one share and one warrant
By Devika Patel
Knoxville, Tenn., Oct. 1 – RiceBran Technologies negotiated a $6.38 million private placement of units on Sept. 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 1,181,696 units of one common share and one warrant at $5.395 per unit.
Each warrant is exercisable at $5.27 for 66 months. The strike price is identical to the Sept. 29 closing share price.
Maxim Group LLC is the agent.
Proceeds will be used to establish personal care and cosmetics manufacturing facilities in the company’s Irving, Texas, plant, strengthen its raw rice bran acquisition supply chain, for the ramp-up of RiceBran’s Brazil plant expansion and general corporate purposes.
The Scottsdale, Ariz., company produces human and animal food products derived from rice bran.
| Issuer: | RiceBran Technologies
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $6,375,250
|
| Units: | 1,181,696
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| Price: | $5.395
|
| Warrants: | One warrant per unit
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| Warrant expiration: | 66 months
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| Warrant strike price: | $5.27
|
| Agent: | Maxim Group LLC
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 3
|
| Stock symbol: | Nasdaq: RIBT
|
| Stock price: | $5.27 at close Sept. 29
|
| Market capitalization: | $40.02 million
|
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