-
A leader in the development and production of dietary supplements, animal care products, and horse feed that contain functional and nutritional elements made from rice and other small, ancient grains. 1,000,000 shares (or the equivalent in common stock) will be sold in a direct registered offering at a price of $1.50 per share (or common stock equivalent).
The company also consented to provide investors warrants to buy up to 2,000,000 shares of its common stock in the concurrent private placement. The warrants have a duration of 2.5 years from the date of initial exercise, an exercise price of $1.60 per share, and are exercisable six months after issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent for this offering. Total proceeds to the Company from this offering were approximately $1.5 million. This is before deducting placement agent fees and other recruitment costs that we pay. The Company intends to use the net proceeds from this public offering for general corporate purposes. This may include capital expenditures, raising working capital and repaying debt.
The common stock (or common stock equivalent) referred to above (but not warrants issued pursuant to a concurrent private placement or the common stock underlying such warrants) may be issued in a “Legal” registration statement on Form S-3. issued by the company in accordance with (File No. 333-266194), previously filed with the U.S. Securities and Exchange Commission (“SEC”) and declared effective by the SEC on July 27, 2022.
In accordance with Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”), the Warrants as described above are sold in a private placement and, along with the shares of common stock underlying the Warrants, are subject to federal and state securities regulations. We don’t. As a result, without a valid registration statement or a valid exemption from the registration requirements of the securities laws and applicable state securities laws, the warrants and the underlying common stock may not be offered or sold in the United States.
The offering of common stock (or common stock equivalents) was made solely by means of a prospectus including a prospectus supplement which forms part of an effective registration statement. A definitive prospectus supplement and accompanying prospectus relating to the registered direct offering have been filed with the SEC.
Any such offer, solicitation, or sale may be made in any state or other jurisdiction without registration or registration, and this press release does not represent an offer to sell or the solicitation of an offer to buy any of these securities. Securities may not be sold. It is unlawful to be entitled under the securities laws of any such state or other legal jurisdiction.