Are these entities that paid $5.30/share for a stock now valued at .43/share pissed off or what?
India Globalization Capital, Inc. (NYSE AMERICAN:IGC) announced today that it completed its at-the-market equity offering programs described in its prospectus supplements dated September 24, 2018 and October 1, 2018 and filed with the SEC. The programs commenced on September 25, 2018 and were completed on October 2, 2018. In total, 5,654,375 shares of common stock were sold at a weighted average stock price of approximately $5.30, representing gross proceeds of approximately $30.0 million. Following the completion of the programs, IGC has approximately 36,692,848 shares of common stock outstanding.
The Company is no longer offering shares of common stock under these programs.
The sales of IGC’s common stock were completed pursuant to the At-The-Market Offering Agreements among IGC, The Benchmark Company, LLC and ViewTrade Securities, Inc.
The Company intends to use the proceeds from the offerings for, among other things, the sales and marketing of HyalolexTM and SerosapseTM and IGC’s development and marketing of its sugar free CBD-infused energy drink as well as expanding its cannabis-based portfolio of intellectual property related to large market health indications.
“We are positioning to move forward with key product commercialization while further diversifying our holdings. Our mandate is to build value, and we are pleased to have resources to accelerate our path,” stated Ram Mukunda, CEO of IGC.
