iBio enters $10M equity line with Lincoln Park Capital; issues 211,473 commitment shares

iBio, Inc.

iBio can sell up to $10M of common stock to Lincoln Park at its discretion over 24 months.
Regular purchases limited to 100k shares per day (up to 200k if price > $2.00); price based on market at time of notice.
Company issued 211,473 commitment shares upfront; additional 211,474 shares due after $5M in proceeds from Lincoln Park.
Sales subject to registration statement effectiveness and NYSE American rules; exchange cap at 4,474,945 shares (~19.99% of outstanding).
Proceeds expected for working capital and general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

iBio, Inc. entered into Purchase Agreement with Lincoln Park Capital Fund, LLC valued at up to $10.0 million (effective 2023-08-04).

Action: entry
Agreement: equity purchase
Counterparty: Lincoln Park Capital Fund, LLC
Value: up to $10.0 million
Effective: 2023-08-04

Exact text from the filing

On August 4, 2023, iBio, Inc. (the “Company”) entered into a purchase agreement, dated as of August 4, 2023 (the “Purchase Agreement”), with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant to which, under the terms and subject to the satisfaction of specified conditions set forth therein, the Company may sell to Lincoln Park up to $10.0 million (subject to certain limitations) of the Company’s common stock, par value $.001 per share (the “Common Stock”), from time to time during the term of the Purchase Agreement.

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iBio, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-087894

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