On December 6, 2022 iBio, Inc. (NYSEA: IBIO) ("iBio" or the "Company"), an AI-driven innovator of precision antibody immunotherapies, reported the pricing of its previously announced underwritten public offering of an aggregate of 3,365,385 shares of its common stock (or pre-funded warrants in lieu thereof), Series A warrants to purchase up to 3,365,385 shares of common stock and Series B warrants to purchase up to 3,365,385 shares of common stock, at a combined public offering price of $1.04 per share (or pre-funded warrants in lieu thereof) and accompanying warrants (Press release, iBioPharma, DEC 7, 2022, View Source [SID1234624895]). The Series A warrants will have an exercise price of $1.04 per share, will be exercisable immediately upon issuance and will expire five years from the date of issuance, and the Series B warrants will have an exercise price of $1.04 per share, will be exercisable immediately upon issuance and will expire twenty-four months from the date of issuance. The closing of the offering is expected to occur on or about December 9, 2022, subject to the satisfaction of customary closing conditions.
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In connection with the offering, the Company has 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.
H.C. Wainwright & Co. is acting as sole book-running manager for the public offering.
The gross proceeds from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately $3.5 million. The Company intends to use the net proceeds from the offering primarily for operating costs, including for research and development and other trial preparation expenses in addition to working capital needs and for other general corporate purposes, which may include retention and severance payments to certain of our employees or former employees and principal payments pursuant to the terms of its amended Credit Agreement.
The securities described above are being offered by iBio pursuant to a shelf registration statement on Form S-3 (File No. 333-250973) that was previously filed with the Securities and Exchange Commission (the "SEC") on November 25, 2020 and became effective on December 7, 2020. The securities are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying base prospectus relating to, and describing the terms of, the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. When available, electronic copies of the final prospectus supplement and the accompanying base prospectus may be obtained on the SEC’s website at www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Ave., New York, New York 10022, by telephone at (212) 856-5711, or by email at [email protected].
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.