Biomerica raises $2.23M in private placement at $1.60 per share

Biomerica, Inc. (NASDAQ: BMRA), a developer and manufacturer of diagnostic test systems, announced a private placement of 1,393,705 unregistered shares of common stock at $1.60 per share, expected to generate approximately $2.23 million in gross proceeds.

The offering includes no warrants or discounted securities. Participants include B. Riley Principal Capital, certain executives and employees of B. Riley Securities, Inc., Biomerica's chief executive officer, and all members of the company's board of directors.

Following the closing, Biomerica expects to have approximately 4,588,968 shares of common stock outstanding on a pro forma basis, with the newly issued shares representing approximately 30.4% of pro forma shares outstanding.

The company said it intends to use proceeds to strengthen its balance sheet and fund operations while its board evaluates potential strategic opportunities, including partnerships and business combinations.

Biomerica also announced it has engaged B. Riley Securities as its exclusive financial advisor to assist in reviewing, evaluating, and negotiating potential acquisitions, mergers, joint ventures, partnerships, spin-offs, and other strategic combinations.

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