On Dec. 17, 2019, RiceBran Technologies (NASDAQ:RIBT) a global leader in the production and marketing of value-added products derived from rice bran and a producer of rice, rice co-products, and barley and oat products, notified the pricing of an underwritten registered public offering of 5,900,000 shares of its common stock at a price to the public of $1.25 per share, for gross proceeds of approximately $7.4 million. In addition, the company granted the underwriter a 30-day option to purchase up to an additional 885,000 shares of its common stock to cover over-allotments, if any. All shares of common stock sold in the offering are being sold by the company. The company expects to close the offering on or about December 19, 2019, subject to the satisfaction of customary closing conditions.
The company anticipates that the aggregate net proceeds from the offering will be approximately $6.8 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the company, but excluding any exercise of the underwriter’s option to purchase additional shares of common stock. The company intends to use the net proceeds from the offering for working capital and general corporate purposes.
About RiceBran Technologies
RiceBran Technologies is a specialty ingredient company servicing the food, animal nutrition and specialty products markets. We utilize our proprietary processes to convert rice bran, one of the world’s most underutilized food source, into a number of highly nutritious and clean label ingredient products. The global target markets for our products include food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers.
On Tuesday RiceBran Technologies (NASDAQ:RIBT) stock soared 8.76% and closed at 1.49. The stock opened the session at $1.33 and touched its highest price point at $1.5. Its recent trading capacity is 665883 shares versus to its average trading volume of 115235 shares. The company’s stock’s lowest price point for the session stood at $1.33. RIBT traded as low as $ 1.29 in the past 52 weeks, and shares hit its peak level to $3.87.
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Address: 1894 MacLaren Street, Ottawa, Ontario
Zip Code: K1P 5M7
Phone Number: 613-785-7363