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Biomerica Announces Pricing of $8 Million Underwritten Public Offering of Common Stock
IRVINE, Calif., March 03, 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 03, 2023 (GLOBE NEWSWIRE) -- Biomerica, Inc. (NASDAQ: BMRA) (“Biomerica”), a global provider of advanced medical products, announced today the pricing of its previously announced underwritten public offering. Biomerica is offering 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. All shares of common stock in the offering are being offered by Biomerica. Craig-Hallum Capital Group LLC is acting as sole managing underwriter for the offering. Biomerica expects to receive aggregate gross proceeds from the offering of approximately $8 million, before deducting underwriting discounts and commissions and other offering-related expenses payable by Biomerica. 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 offering is expected to close on March 7, 2023, subject to the satisfaction of customary closing conditions. The shares of common stock described above are being 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 will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. When available, 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]. Before investing in the offering, you should read in their entirety the final prospectus supplement, the accompanying prospectus and the other documents that Biomerica has filed with the SEC and that are inc...