RiceBran Technologies (RIBT)

[confusedtrader]

This is massive dilution at a price when the stock has cratered. Totally disappointing. Why didn't they raise cash when the stock was at 70cents ($7 post split) just a few months ago.

RiceBran Technologies (NASDAQ:RIBT) to raise $1.5M through a definitive securities purchase agreement with institutional investors for the purchase and sale of 1M shares of the company's common stock at a purchase price of $1.50/share of common stock in a registered direct offering.
The closing of the offering is expected to occur on or about October 20, 2022.
In addition, in a concurrent private placement, the company will issue to the investors warrants to purchase up to 2M shares of common stock.
The warrants have an exercise price of $1.60/share, are exercisable six months following issuance and will have a term of two and one-half years from the initial exercise date.

https://finance.yahoo.com/news/ricebran-technologies-announces-1-5-122000984.html?.tsrc=rss