Biomerica prices private placement at $1.6 per share for $2.23 million gross proceeds
BMRA•Private placement terms
Biomerica priced a private placement of 1,393,705 unregistered common shares at $1.60 each, for gross proceeds of about $2.23 million.
The deal includes no warrants or discounted securities.
Use of proceeds and adviser role
Proceeds are earmarked to bolster the balance sheet, fund operations, and support evaluation of strategic options.
B. Riley was engaged as exclusive financial adviser.
Participants and ownership impact
B. Riley Principal Capital, B. Riley executives, the CEO, and all directors participated.
Pro forma shares outstanding are expected to be 4,588,968; the placement shares represent about 30.4%.
