- RiceBran Technologies RIBT has entered into a definitive securities purchase agreement with institutional investors for the purchase and sale of 1 million of its shares.
- The shares will be sold at a purchase price of $1.50 per share. The gross proceeds are expected to be $1.5 million.
- The closing of the offering is expected to occur on or about October 20, 2022.
- In addition, in a concurrent private placement, the company will issue to the investors warrants to purchase up to 2 million shares at an exercise price of $1.60 per share.
- The company intends to use the net proceeds from the offering for general corporate purposes, including funding capital expenditures and working capital and repaying indebtedness.
- Price Action: RIBT shares are trading lower by 18.13% at $1.31 on the last check Tuesday.
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