Bioanalytical Systems, Inc. to Raise Approximately $5.5 Million in Registered Securities Offering (BASI)

BASI Bioanalytical Systems today announced that it has entered into definitive agreements with investors for a public offering of 5,506 units at a price of $1,000 per unit to the public with each unit consisting of one 6% Series A Convertible Preferred Share which is convertible into 500 common shares, one Class A Warrant to purchase 250 common shares, and one Class B Warrant to purchase 250 common shares. The Company had originally offered $5 million in units, but expanded the offer due to investor demand.