RiceBran Technologies (RIBT) announced the pricing of an underwritten public offering of 1,417,500 shares of the company's common stock priced at $5.29 per share and warrants to purchase 708,750 shares of the company's common stock at $0.01 per warrant.
The warrants will be exercisable immediately upon issuance at $5.87 per share, which represents the closing price on June 19, 2014.
The gross proceeds to RiceBran Technologies from this offering are expected to be approximately $7.5 million, excluding any future proceeds from the potential exercise of the warrants and before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company.
The offering is expected to close on or about June 25, 2014, subject to the satisfaction of customary closing conditions.
Maxim Group LLC acted as sole book-running manager for the offering.
The securities will be issued by RiceBran Technologies pursuant to a shelf registration statement that was previously filed with, and declared effective by, the Securities and Exchange Commission (SEC). Preliminary and final prospectus supplements related to the offering have been filed with the SEC and are available on the SEC's website located at www.sec.gov.
