IGC Completes At-The-Market Offerings
BETHESDA, Md.--(BUSINESS WIRE)--Oct 2, 2018--India Globalization Capital, Inc. (NYSE AMERICAN:IGC) announced today that it completed its at-the-market equity offering programs described in its prospectus supplements dated September 24, 2018 and October 1, 2018 and filed with the SEC. The programs commenced on September 25, 2018 and were completed on October 2, 2018. In total, 5,654,375 shares of common stock were sold at a weighted average stock price of approximately $5.30, representing gross proceeds of approximately $30.0 million. Following the completion of the programs, IGC has approximately 36,692,848 shares of common stock outstanding.
The Company is no longer offering shares of common stock under these programs.
The sales of IGC’s common stock were completed pursuant to the At-The-Market Offering Agreements among IGC, The Benchmark Company, LLC and ViewTrade Securities, Inc.
The Company intends to use the proceeds from the offerings for, among other things, the sales and marketing of Hyalolex TM and Serosapse TM and IGC’s development and marketing of its sugar free CBD-infused energy drink as well as expanding its cannabis-based portfolio of intellectual property related to large market health indications.
“We are positioning to move forward with key product commercialization while further diversifying our holdings. Our mandate is to build value, and we are pleased to have resources to accelerate our path,” stated Ram Mukunda, CEO of IGC.
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
IGC has two lines of business, a legacy infrastructure business and a cannabis pharmaceutical business that has developed a lead product for Alzheimer’s patients. The company recently announced that it is working on a sugar free CBD infused energy drink. The company is based in Maryland, USA.
Our website: www.igcpharma.com Twitter @IGCIR
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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CONTACT: India Globalization Capital, Inc.
KEYWORD: UNITED STATES NORTH AMERICA MARYLAND
INDUSTRY KEYWORD: HEALTH ALTERNATIVE MEDICINE BIOTECHNOLOGY MENTAL HEALTH PHARMACEUTICAL GENERAL HEALTH
SOURCE: India Globalization Capital, Inc.
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PUB: 10/02/2018 08:40 PM/DISC: 10/02/2018 08:40 PM