A total of 3,365,385 shares of iBio, Inc.’s common stock were offered in an underwritten public offering that was previously disclosed. Before subtracting the underwriting discounts and fees as well as other selling costs, the gross proceeds from the sale were around $3.5 million. The Company plans to use the net proceeds primarily for operating purposes, such as for costs associated with research and development and other trial preparation.
A total of 3,365,385 shares of iBio, Inc.’s common stock (or pre-funded warrants in lieu thereof) were sold in the previously announced underwritten public offering by the company. The Series A warrants could be used to buy up to 3,870,192 shares of common stock, while the Series B warrants have an exercise price of $1.04 per share. The warrants have a five-year expiration period and are immediately exercisable after being issued.
In connection with the offering, the Company granted the underwriter a 30-day option to purchase 504,807 additional shares of its common stock and/or warrants to purchase up to 1,009,614 additional shares of its common stock at the public offering price, less underwriting discounts and commissions, which the underwriter partially exercised on December 8, 2022, with respect to the warrants to purchase up to 1,009,614 additional shares of common stock. H.C. Wainwright & Co. is acting as the sole book-running manager for the public offering.
Before subtracting the underwriting discounts and fees as well as other selling costs, the gross proceeds from the sale were around $3.5 million. The Company plans to use the net proceeds from the offering for a variety of purposes, including working capital requirements, research and development costs, and other trial preparation costs. These expenses could also include severance and retention payments to some of our current or former employees, as well as principal payments in accordance with the terms of its amended Credit Agreement.
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