Business
Biomerica Announces Closing of $8 Million Underwritten Public Offering of Common Stock
IRVINE, Calif., March 07, 2023 (GLOBE NEWSWIRE) -- Biomerica, Inc. (NASDAQ: BMRA) (“Biomerica”), a global provider of advanced medical products, announced
About this update from Biomerica, Inc.
[{"type":"text","content":"IRVINE, Calif., March 07, 2023 (GLOBE NEWSWIRE) -- Biomerica, Inc. (NASDAQ: BMRA) (“Biomerica”), a global provider of advanced medical products, announced today the closing of its previously announced underwritten public offering of an aggregate of 3,333,333 shares of its common stock, par value $0.08 per share, at a price to the public of $2.40 per share for total gross proceeds of $8 million, before deducting underwriting discounts and commissions and other offering-related expenses payable by Biomerica. All of the shares of common stock sold in the offering were offered by Biomerica. Craig-Hallum Capital Group LLC acted as sole managing underwriter in connection with the offering. Biomerica intends to use the net proceeds of the offering for general corporate purposes, including, without limitation, setting up and conducting clinical studies, expanding sales and marketing activities for existing and new products, research and development of new products, acquisitions, capital expenditures, and for other general working capital needs. The shares of common stock described above were offered by Biomerica pursuant to a shelf registration statement on Form S-3 (File No. 333-239980) which was previously filed with the Securities and Exchange Commission (the “SEC”) on July 21, 2020, and amended by a pre-effective amendment filed with the SEC on September 11, 2020, and subsequently declared effective by the SEC on September 30, 2020. A final prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC on March 7, 2023, and are available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from Craig-Hallum Capital Group LLC, Attention: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, by telephone at (612) 334-6300 or by email to [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Biomerica Biomerica, In...