The price of the previously disclosed underwritten public offering of a total of 3,365,385 shares of iBio, Inc. common stock and related warrants was disclosed. The Company plans to use the net proceeds from the offering primarily for operating purposes, such as for costs associated with trial preparation and research and development. The offering is anticipated to close on or around December 9, 2022, provided that all usual closing conditions are met.
The price of the previously disclosed underwritten public offering of a total of 3,365,385 shares of iBio, Inc. common stock and related warrants was disclosed. The offering is anticipated to close on or around December 9, 2022, provided that all usual closing conditions are met. The Series A warrants have an exercise price of $1.04 per share, can be used right away after issuance, and have a five-year expiration period.
The Company has given the underwriter a 30-day option to buy 504,807 extra shares of its common stock as well as warrants to buy up to 1,009,614 extra shares at the public offering price, minus underwriting discounts and fees, in connection with the offering. The sole book-running manager for the public offering is H.C. Wainwright & Co.
Before deducting the underwriting discounts and commissions and other offering expenses, the total proceeds from the offering are anticipated to be 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.
Image provided by iBio, Inc.
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