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Bone Biologics Announces Closing of $5,100,000 Underwritten Public Offering
BURLINGTON, Mass.--(BUSINESS WIRE)-- Bone Biologics Corporation (NASDAQ: BBLG), a developer of orthobiologic products for spine fusion markets, today
About this update from Bone Biologics Corp
[{"type":"text","content":" BURLINGTON, Mass.--(BUSINESS WIRE)--\nBone Biologics Corporation (NASDAQ: BBLG), a developer of orthobiologic products for spine fusion markets, today announced the closing of its previously announced underwritten public offering of units of securities for total gross proceeds of $5,100,000, before deducting underwriting discounts and commissions and other estimated offering expenses. The Company plans to use the net proceeds to fund its planned clinical trials, maintain and extend its patent portfolio, retain contract research organizations, and for working capital and other general corporate purposes.\n\nThe offering was comprised of 3,777,778 units of securities at an offering price of $1.35 per unit, each unit consisting of: (i) one share of common stock; (ii) one Series A warrant to purchase one share of common stock at an exercise price equal to $1.62 per share; (iii) one Series B warrant to purchase one share of common stock at an exercise price equal to $1.35 per share; and (iv) one Series C warrant, to purchase one share of common stock at an exercise price equal to $2.16 per share. The Series C warrant can be exercised via cashless exercise upon the earlier of one (1) day from the warrant issuance date or the time when $10 million of volume is traded in the common shares. The shares of common stock and the Purchase Warrants are immediately separable and will be issued separately, but will be purchased together in this offering. The warrants expire five years from the date of issuance.\n\nIn addition, Bone Biologics granted the underwriters a 45-day option to purchase up to 566,666 additional shares of common stock and/or 566,666 additional warrants, or any combination thereof, to cover over-allotments in this offering, if any.\n\nWallachBeth Capital, LLC acted as the sole book-running manager for the offering.\n\nThis offering was made pursuant to an effective registration statement on Form S-1 (No. 333-267588) previously filed with the U.S. Securities and Exchange Commission (the \"SEC\") and declared effective by the SEC on October 6, 2022. A final prospectus describing the terms of the proposed offering was filed with the SEC on October 11, 2022 and may be obtained via the SEC's website at www.sec.gov or from WallachBeth Capital, LLC, via email at [email protected].\n\nThis press release does not constitute ...