Intelligent Bio Solutions Inc. announced agreements with several current warrant holders to exercise existing warrants, or prepay their exercise price, for up to 2,023,228 shares of common stock at a reduced exercise price of $1.90 per share. This transaction is expected to generate approximately $3.8 million in gross proceeds for the company.
In consideration for the immediate exercise, the exercising holders will receive new inducement warrants to purchase up to 4,046,456 shares of common stock, exercisable at $1.90 per share upon stockholder approval. Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for this transaction.
The company intends to use the net proceeds from this offering to fund the completion of its 510(k) filing with the U.S. FDA for its Fingerprint Drug Screening System, as well as for working capital and general corporate purposes. The transaction is expected to close on or about July 28, 2025.
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