In a recent development, Intelligent Bio Solutions Inc. (NASDAQ:INBS), a company specializing in surgical and medical instruments and apparatus, has announced an increase in its total number of outstanding shares. As of the close of business on January 2, 2025, the company reported a total of 4,807,068 shares of common stock.
The company, with a market capitalization of $6.4 million, has seen its stock price rise 8% over the past week, though it remains down 61% over the past year. InvestingPro analysis reveals the company's overall financial health score is rated as "FAIR," with additional insights available to subscribers.
This increase in shares is primarily attributed to two recent transactions. The company sold shares of common stock under an At The Market Offering Agreement with Ladenburg Thalmann & Co. Inc., dated September 18, 2024. Additionally, on February 29, 2024, Intelligent Bio Solutions issued 8,109 shares of restricted common stock as part of an Investor Relations and Corporate Development Advisory Agreement with ClearThink Capital Partners (WA:CPAP) LLC.
The company, formerly known as GBS Inc., has undergone a series of name changes, with the most recent being from Glucose Biosensor Systems (Greater China) Holdings, Inc. in 2017. Headquartered in New York, Intelligent Bio Solutions operates under the legal jurisdiction of Delaware and marks the end of its fiscal year on June 30.
The recent share count update is a factual event that has been filed with the Securities and Exchange Commission (SEC) on January 6, 2025, and is based on a press release statement. The announcement does not elaborate on the specific reasons for the share increase or its potential impact on the company's market position or future prospects.
Investors and stakeholders in the company can refer to the SEC filing for further details regarding the share count and the transactions that led to this development. The company's shares are listed on The Nasdaq Stock Market LLC under the trading symbol INBS.
In other recent news, Intelligent Bio Solutions Inc. has made significant progress in its FDA 510(k) submission process for its non-invasive drug screening system, which is expected to enter the U.S. market in 2025. The company has reported promising initial results from a Pharmacokinetic study, demonstrating a strong correlation of drug detection parameters at the 95% confidence level.
Intelligent Bio Solutions Inc. has reported an 80% increase in revenue for the fiscal third quarter and a 193% rise for the nine months ending March 31, 2024. This growth is primarily due to a surge in product sales. The company has also raised approximately $250,802 through stock sales, facilitated by Ladenburg Thalmann & Co. Inc.
In terms of strategic partnerships, Intelligent Bio Solutions Inc. has teamed up with B2i Digital to strengthen its investor relations and spotlight its patented technology. The company has also secured Pyrotek Pty Ltd as a new client, which plans to implement the company's drug testing solution across its Australian operations.
In addition to these developments, Intelligent Bio Solutions Inc. has announced a $3 million stock offering with Ladenburg Thalmann & Co. Inc., aimed at funding working capital and other corporate purposes. The company has also awarded a significant number of fully vested shares to its top executives as part of its 2024 compensation analysis and evaluation. These are the recent developments from Intelligent Bio Solutions Inc.
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