Benzinga | Oct 1, 2021 09:35AM EDT

INVO Bioscience Announces $4M Registered Direct Offering, 1.2M Shares At $3.26/Share

INVO Bioscience, Inc. (NASDAQ:INVO), a medical device company focused on commercializing the world's only in vivo culture system (IVC), INVOcell(r), today announced that it has entered into definitive agreements with institutional and accredited investors and members of INVO Bioscience's management team to purchase 1,240,763 shares of its common stock at a purchase price of $3.26 per share, in a registered direct offering priced at-the-market under Nasdaq rules, for gross proceeds of approximately $4.0 million. The registered direct offering is expected to close on or about October 5, 2021, subject to the satisfaction of customary closing conditions.

The group of investors includes members of INVO Bioscience's management team, including Steve Shum, CEO, and Andrea Goren, CFO.

Paulson Investment Company, LLC is acting as the exclusive placement agent for the offering.

The gross proceeds from the offering are expected to be approximately $4.0 million, before deducting placement agent's fees and other offering expenses. INVO Bioscience currently intends to use the net proceeds from this registered direct offering for general corporate and working capital purposes.

The offering of common stock described above is being made pursuant to a "shelf" registration statement on Form S-3 (File No. 333-255096), that was previously filed with the Securities and Exchange Commission ("SEC") and declared effective by the SEC on April 16, 2021. Such shares of common stock may be offered only by means of a prospectus, including a prospectus supplement. A prospectus supplement and an accompanying prospectus relating to the offering of common stock will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement and the accompanying base prospectus may also be obtained by contacting Paulson Investment Company, LLC at5335 SW Meadows Road, Suite 465, Lake Oswego, OR 97035, by phone at 312-940-8327or e-mail at awinks@paulsoninvestment.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.