Avalon GloboCare closes $3.25 million private placement

Avalon GloboCare Corp. (NASDAQ: ALBT) completed a private placement offering that raised approximately $3.25 million in gross proceeds before fees and expenses, the company announced.

The offering involved the sale of 6,372,550 shares of common stock at $0.51 per share, along with two series of warrants. The Series A-1 warrants expire five years from stockholder approval, while Series A-2 warrants expire eighteen months from approval. Both warrant series have an exercise price of $0.51 per share.

If all warrants are exercised for cash, the company could receive an additional $6.5 million in proceeds. The warrants become exercisable upon stockholder approval of the share issuance.

H.C. Wainwright & Co. served as the exclusive placement agent, while Roth Capital Partners acted as financial advisor. The securities were offered only to accredited investors under a private placement exemption.

Avalon plans to use the net proceeds to repay certain outstanding debt and for working capital and general corporate purposes. The company has agreed to file registration statements with the SEC covering the resale of the unregistered securities.

The Freehold, New Jersey-based company develops precision diagnostic consumer products and generative AI publishing and software. Its subsidiary Avalon Quantum AI LLC focuses on AI systems including automated video generation and workflow automation solutions. The company also markets the KetoAir breathalyzer device, registered as a Class I medical device with the FDA.

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