INVO Bioscience announces closing of $3.0 million registered direct offering

INVO Bioscience, Inc., a commercial-stage fertility company focused on expanding access to advanced treatment worldwide with its INVOcell® medical device and the intravaginal culture (“IVC”) procedure it enables, today announced the closing of its previously announced registered direct offering of 3,680,000 shares of common stock (or pre-funded warrants in lieu thereof), priced at-the-market under Nasdaq rules. In a concurrent private placement, the Company also issued warrants to purchase up to an aggregate of 5,520,000 shares of common stock. The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and warrant is $0.815. The warrants are immediately exercisable, expire on the eight-year anniversary of the issuance date and have an exercise price of $0.63 per share.

The gross proceeds to the Company from the registered direct offering and concurrent private placement were approximately $3.0 million before deducting the placement agent’s fees and other offering expenses.

Maxim Group LLC acted as the sole placement agent for the offering.

The shares of common stock (or pre-funded warrants in lieu thereof) were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-255096), which was declared effective by the United States Securities and Exchange Commission on April 16, 2021. The warrants issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. A prospectus supplement relating to the shares of common stock was filed by the Company with the SEC.
MB Bureau