Intelligent Bio Solutions Reveals $10.0M Private Placement Priced ATM Under Nasdaq Rules

Intelligent Bio Solutions Inc. ("INBS" or the "Company") (NASDAQ:INBS), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced that it entered into a securities purchase agreement with two healthcare focused institutional investors to issue, in a private placement priced at-the-market under Nasdaq rules, 2,298,850 shares of common stock (or pre-funded warrants in lieu thereof), Series K-1 warrants to purchase up to an aggregate of 2,298,850 shares of common stock and Series K-2 warrants to purchase up to an aggregate of 2,298,850 shares of common stock, at a combined purchase price of $4.35 per share of common stock (or pre-funded warrant) and associated Series K-1warrants and Series K-2 warrants, for expected gross proceeds to INBS of approximately $10.0 million, before deducting placement agent fees and other offering expenses payable by the Company. The Series K-1 warrants and Series K-2 warrants will have an exercise price of $4.10 per share of common stock and will be exercisable immediately upon issuance. The Series K-1 warrants and Series K-2 warrants will each have a term of five years following the date a registration statement registering all warrant shares underlying the Series K-1 warrants and Series K-2 warrants is declared effective by the United States Securities and Exchange Commission (the "SEC").