INVO Bioscience Closes Public Offering, Raising Approximately $9.5 Million-

On January 14, 2025, INVO Bioscience, trading under the symbol INVO on The Nasdaq Stock Market LLC, successfully completed a public offering that generated gross proceeds of around $9.5 million. The Nevada corporation finalized this Offering by issuing 13,615,171 units at a price of $0.70 per unit, each comprising either one share of common stock or one pre-funded warrant to purchase one share of common stock, accompanied by a warrant to purchase an additional share at the same price.

In alignment with this, the company entered into a securities purchase agreement with institutional investors to facilitate this transaction. The Registration Statement on Form S-1, initially filed with the Securities and Exchange Commission (SEC) on December 17, 2024, and declared effective on January 13, 2025, governed the Offering process.

The company outlined specific allocations for the generated net proceeds from the Offering. Notably, up to $2,500,000 will fund the Wisconsin Fertility Institute, $4,000,000 will redeem 4,000 shares of Series C-2 preferred stock, while $1,950,000 will address outstanding debt obligations. The remainder will be allocated for clinical trials, product development, marketing, corporate management, working capital, and general corporate purposes.

Additionally, INVO Bioscience engaged Maxim Group LLC as the lead placement agent for this Offering, with an agreement in place for payment of a fee upon gross proceeds raised, and issuance of warrants to purchase Company shares. The company also reimbursed the Placement Agent for certain expenses and legal fees up to $90,000.

The Offering demanded changes due to the SEC regulations, leading to financial obligations concerning the redemption of certain convertible promissory notes held by investors. As a result, a portion of the proceeds was utilized to meet these obligations promptly.

The NASDAQ Listing Rules compliance issue was addressed following the failure to conduct an Annual Shareholders Meeting by December 31, 2024. A plan is in place to convene this meeting in March 2025, during which various key decisions, including board elections and ratification of auditors, will take place.

Forward-looking statements included in this announcement emphasize the company’s intentions and goals related to both the Offering and future business operations. The Offering’s specific details, financial statements, and agreements are available through the filed Exhibits alongside this report, offering interested parties a comprehensive overview of the recent transactions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read INVO Bioscience’s 8K filing here.

INVO Bioscience Company Profile

INVO Bioscience, Inc, together with its subsidiary, a healthcare services fertility company, provides assisted reproductive technology solutions worldwide. It offers INVOcell, a medical device that allows fertilization and early embryo development to take place in vivo within the woman’s body. The company was founded in 2007 and is based in Sarasota, Florida.