By Colin Kellaher
Shares of Intelligent Bio Solutions plummeted more than 60% in premarket trading Monday after the medical-technology company said it was raising $4 million in a dilutive public offering.
The New York company said it is selling more than 7.27 million units, each consisting of one share and warrants to buy two additional shares, at 55 cents per unit, well below Friday’s closing share price of $1.03.
Shares of Intelligent Bio, which had about 2.33 million shares outstanding as of Sept. 19, were recently down 61% to 40 cents in premarket trading.
Write to Colin Kellaher at [email protected]
Read the full article here