Infobird Co, Ltd (NASDAQ: IFBD) raised $5 million via a secondary share sale of 3.85 units at $1.30 per share.
Each unit had one ordinary share and a 0.65 warrant to purchase one share.
The warrants will be exercisable immediately upon the date of issuance, have an exercise price of $1.30, and expire five years from the date of issuance.
Concurrently with the offering, Infobird conducted a private placement with the investors for additional unregistered warrants to purchase 2.88 million shares. The unregistered warrants will be exercisable six months after the date of issuance, have an exercise price of $1.30, and expire five and a half years from the date of issuance.
Infobird is a software-as-a-service, or SaaS, provider of innovative AI-powered, or artificial intelligence-enabled, customer engagement solutions in China.
IFBD Price Action: IFBD shares traded lower by 25.20% at $0.95 on the last check Friday.
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