This is the real gap to fill
1.28 to 3.00
Remember this just 10 months ago?
RiceBran Technologies Completes $12 Million Private Placement Led by Continental Grain Company, DG Capital Management and Dillon Hill Capital
The Company issued 3,046,668 shares of common stock at $3.00 per share and sold to a single investor a pre-funded warrant exercisable into 1,003,344 shares of common stock for $2.99 per share with an exercise price of $0.01 per share.
Commenting on the financing, Brent Rystrom, CEO of RiceBran Technologies, stated, "The completion of this financing is an important inflection point in positioning our Company for future growth in order to build significant shareholder value. This financing, along with the existing cash on our balance sheet, enables us to commence execution of our strategic plan by expanding the rice milling capacity and building a state-of-the-art bran production facility at our Golden Ridge plant which will provide us the capability of using new technology and processes to manufacture our next generation of SRB products for large market opportunities that we have identified.
Ari Gendason, Chief Investment Officer of Continental Grain Company, also commented, "We are pleased with RiceBran Technologies' progress and excited for the opportunity to invest an additional $5M to help finance strategic initiatives. In addition, we split our investment between common stock and a pre-funded warrant which will become exercisable upon shareholder approval."
