Summary by Moomoo AI
On March 31, 2024, Biora Therapeutics, Inc. announced the entry into a securities purchase agreement with certain institutional and accredited investors. The agreement pertains to a registered direct offering and a concurrent private placement expected to close on April 3, 2024. The offering involves the sale of approximately 5.45 million shares of common stock at $1.10 per share, with the anticipation of generating gross proceeds of around $6 million before fees and expenses. Additionally, unregistered warrants to purchase an equivalent number of shares are being issued in the private placement. The company has agreed to a restricted period of 45 days post-closing, during which it will not issue additional shares or securities convertible into shares, with certain exceptions. Biora Therapeutics has also entered into Warrant Amendment Agreements to adjust the exercise price of existing warrants to $1.10 per share and extend their expiration. Voting agreements are expected to be signed on the closing date to secure stockholder approval for the issuance of shares upon exercise of the amended warrants.