Analyst Summary
- Intelligent Bio Solutions Inc. (INBS) completed an underwritten public offering.
- 1,500,000 shares of common stock were sold at $2.00 per share.
- The offering included the full exercise of the underwriter’s option to purchase additional shares.
- Gross proceeds from the offering totaled approximately $3.0 million.
- The company intends to use the net proceeds for working capital and general corporate purposes.
- Immediately after the Offering, there will be 6,778,837 shares of Common Stock outstanding (including the full exercise of the over-allotment option).
Potential Implications
Stock Price
- The offering could dilute existing shareholders, potentially putting downward pressure on the stock price in the short term.
- Successful use of proceeds for working capital and corporate purposes could improve company performance and positively impact the stock price in the long term.