Biomerica Inc. (NASDAQ: BMRA) has completed a private placement of common stock, raising approximately $2.23 million at a price of $1.60 per share.
The company issued 1,393,705 unregistered shares, with no warrants or discounted securities included in the transaction. Following the closing, the pro forma total of outstanding common shares is expected to reach approximately 4.59 million, representing about 30.4% of the current outstanding shares.
Biomerica, based in Irvine, California, develops and markets point-of-care and laboratory diagnostic products, with a focus on gastrointestinal and inflammatory diseases. Proceeds from the placement will be used to strengthen the company’s balance sheet and fund ongoing operations as the board evaluates potential strategic opportunities.
B. Riley Securities Inc. served as the exclusive financial advisor for the transaction, assisting in the review and negotiation of potential acquisitions, mergers, joint ventures, partnerships, spin-offs, and other strategic combinations.
