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Bone Biologics Corp. Announces Closing of Public Offering and Uplisting to Nasdaq
BURLINGTON, Mass.--(BUSINESS WIRE)-- Bone Biologics Corp. (NASDAQ: BBLG) (“Bone Biologics” or the “Company”), a developer of orthobiologic products for spine
About this update from Bone Biologics Corp
[{"type":"text","content":" BURLINGTON, Mass.--(BUSINESS WIRE)--\nBone Biologics Corp. (NASDAQ: BBLG) (“Bone Biologics” or the “Company”), a developer of orthobiologic products for spine fusion markets, today announced that it closed a public offering of 1,510,455 units of securities at an offering price of $5.25 per unit, for total gross proceeds of $7.9 million, before deducting underwriting discounts and commissions and other estimated offering expenses. Each unit consists of one share of common stock and one warrant to purchase one share of common stock and will be issued separately. The warrants underlying the units are immediately exercisable for one share of common stock at an exercise price of $6.30 per share and expire 5 years from the date of issuance. In addition, Bone Biologics has granted the underwriters a 45-day option to purchase up to 226,568 additional shares of common stock and/or 226,568 additional warrants, or any combination thereof, to cover over-allotments in this offering, if any.\n\nThe shares and warrants were immediately separable, were issued separately, and began trading on The Nasdaq Capital Market on Wednesday, October 13, 2021, under the symbol “BBLG” and “BBLGW”, respectively. In connection with the offering, the Company effectuated a reverse split of its issued and outstanding common stock at a ratio of 1-for-2.5. The reverse stock split became effective at 4:00 pm Eastern Time on Tuesday, October 12, 2021. The share numbers and pricing information in this release are adjusted to reflect the impact of the reverse stock split.\n\nWallachBeth Capital, LLC acted as the sole book-running manager for the offering. TroyGould PC acted as the Company’s legal counsel and Sheppard, Mullin, Richter & Hampton, LLP acted as legal counsel for the book-running manager.\n\nThis offering is being made pursuant to an effective registration statement on Form S-1 (No. 333-257484) previously filed with the U.S. Securities and Exchange Commission (the \"SEC\") and declared effective by the SEC on October 12, 2021. A final prospectus describing the terms of the proposed offering will be filed with the SEC and may be obtained, when available, 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 an offer to sell or the solicitation of an offer to b...