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Intelligent Bio Solutions announces $3 million stock offering

EditorLina Guerrero
Published 09/18/2024, 05:15 PM
INBS
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In a recent development, Intelligent Bio Solutions Inc. (NASDAQ:INBS) has entered into an At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc., as per a filing with the Securities and Exchange Commission. The agreement, dated today, allows for the sale of common stock with an aggregate sales price of up to $3 million.

The New York-based medical device company, which operates under the industrial classification of Surgical & Medical Instruments & Apparatus, stated that the proceeds from this offering would be utilized for working capital and general corporate purposes.

According to the terms of the agreement, the company may sell shares at market prices or through privately negotiated transactions. Ladenburg Thalmann & Co. Inc. will act as the sales agent or principal in these transactions and will receive a commission of 3% on the gross proceeds from the sale of shares.

The sale of shares will be conducted under the company’s existing shelf registration statement and prospectus, which were previously filed and became effective as of April 20, 2022. The $3 million of shares offered is part of the $100 million of securities that the company is authorized to offer and sell under the base prospectus.

The agreement specifies that Intelligent Bio Solutions is not obliged to sell any shares and that the offering will be subject to market conditions and the company's capital needs. The offering may be suspended or terminated by either party under certain conditions specified in the agreement.

In addition to the commission, Intelligent Bio Solutions has agreed to reimburse Ladenburg Thalmann & Co. Inc. for certain legal fees and disbursements related to the offering. Furthermore, the company has agreed to indemnify the sales agent against certain liabilities.

This announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The offering of shares is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed.

In other recent news, Intelligent Bio Solutions Inc. has made significant strides in its operations and market expansion. The company reported a remarkable 80% increase in revenue for its fiscal third quarter and a 193% rise for the nine months ending March 31, 2024, primarily attributed to a surge in product sales. The firm has installed over 1,000 drug screening readers, marking a 65% growth from the previous year, and reported a 20% increase in cartridge sales.

Intelligent Bio Solutions has also made headway in its FDA approval process for its drug screening system, with successful completion of biocompatibility testing. The company has expanded its UK customer network, introducing its drug screening system to three major British retailers and secured a new partnership with a major European transport provider.

In terms of executive changes, the firm's board approved substantial salary increases for Chief Executive Officer Harry Simeonidis and Chief Financial Officer Spiro Sakiris, following the passing of board member Lawrence Fisher.

The company secured approximately $10.1 million in funding through a private placement transaction and was granted a new European patent for its DSR-Plus Cartridge Reader. These are the recent developments from Intelligent Bio Solutions Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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