Core Viewpoint - BioHarvest Sciences Inc. has successfully closed a public offering of common stock, raising $19.9 million to support its growth initiatives and operational needs [2][4]. Group 1: Offering Details - The public offering consisted of 2,846,854 shares at a price of $7.00 per share, including 361,854 shares from the underwriters' option to purchase additional shares [2][3]. - The gross proceeds from the offering amounted to $19.9 million before deducting underwriting discounts and other expenses [2]. Group 2: Use of Proceeds - The net proceeds from the offering are intended for immediate funding of manufacturing expansion, research and development, marketing, debt reduction or refinancing, capital expenditures, and general corporate purposes, including working capital [3][4]. Group 3: Company Background - BioHarvest is a leader in Botanical Synthesis, utilizing its patented technology to produce plant-based compounds without the need to cultivate the actual plants [5]. - The company operates in two main business verticals: as a contract development and production organization (CDMO) and as a creator of proprietary nutraceutical health and wellness products [5].
BioHarvest Sciences Announces Closing of $19.9 Million Upsized Public Offering of Common Stock and Exercise of Underwriter's Option to Purchase Additional Shares