On December 5, 2023 iBio, Inc., reported the pricing of its reasonable best efforts public offering of 2,250,000 of its shares of common stock (or common stock equivalents in lieu thereof) and accompanying Series C and Series D warrants to purchase up to an aggregate of 2,250,000 shares of common stock at a combined public offering price of $2.00, resulting in gross proceeds of approximately $4.5 million (Press release, iBioPharma, DEC 5, 2023, View Source [SID1234638155]). The Series C Warrants to purchase up to an aggregate of 2,250,000 shares of common stock and Series D Warrants to purchase up to an aggregate of 2,250,000 shares of common stock will have an exercise price of $2.00 per share, will be exercisable immediately following the date of issuance and will expire two years and five years from the original issuance date, respectively.

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The closing of the offering is expected to occur on or about December 7, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this offering primarily for working capital and general corporate purposes, including for research and development and other trial preparation expenses and, retention and severance payments to certain of its employees or former employees. The Company may also use a portion of the net proceeds to invest in or acquire other products, businesses or technologies, although it has no commitments or agreements with respect to any such investments or acquisitions as of the date of this press release.

A.G.P./Alliance Global Partners is acting as the lead placement agent for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC is acting as co-placement agent for the offering.

A registration statement on Form S-1, as amended (No. 333-275204) ("Form S-1"), relating to the offering was filed with the Securities and Exchange Commission ("SEC"), and it was declared effective on December 4, 2023. The offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the offering may be obtained on the SEC’s website located at View Source Electronic copies of the final prospectus relating to the offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.