Bone Biologics (Nasdaq:BBLG) announced today that it priced an underwritten public offering worth $51. million.
The offering includes nearly 3.8 million units of securities. Each unit costs $1.35. The gross proceeds total $5.1 million before deducting underwriting discounts and commissions, plus other offering expenses.
Each unit features one share of common stock. They also include one Series A warrant to purchase one share of common stock at $1.62 per share. The units also have one Series B warrant and one Series C warrant. With the Series B warrant, the purchaser can buy one share of common stock at $1.35. The Series C warrant allows them to purchase one share of common stock at $2.16.
Additionally, purchasers can exercise the Series C warrant through cashless exercise. This can be done upon the earlier of 15 days from the warrant issuance date. It can also take place at the time when $10 million in volume is traded in the common shares.
Bone Biologics said the common stock shares and purchase warrants are immediately separable. The company intends to issue them separately, but the buyers purchase them together. They expire five years from the date of issuance.
The company also granted underwriters a 45-day option to purchase additional common stock. This option covers up to 566,666 additional shares of common stock and/or 566,666 additional warrants. It also covers any combination thereof to cover over-allotments in the Bone Biologics offering.
Bone Biologics expects the offering to close on or about Oct. 11. WallachBeth Capital, LLC is acting as the sole book-running manager for the offering.