By Devika Patel
Knoxville, Tenn., Nov. 3 - INVO BioScience Inc. negotiated a $10 million two-year reserve equity financing agreement with AGS Capital Group, LLC on Oct. 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company may draw the funds in tranches of up to 100% of the average daily trading volume for the five days immediately preceding the advance notice. The shares will be sold at a purchase price equal to 92% of the volume-weighted average price of the company's common stock during the five-day period following the advance notice.
Gilford Securities, Inc. is the agent.
INVO BioScience, based in Beverly, Mass., makes and distributes INVOcell technology to help infertile couples have a baby.
| Issuer: | INVO BioScience Inc.
|
| Issue: | Reserve equity financing agreement
|
| Amount: | $10 million
|
| Tenor: | Two years
|
| Price: | 92% of the volume weighted average price of the company's common stock for five days following advance notice
|
| Warrants: | No
|
| Agent: | Gilford Securities, Inc.
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| Investor: | AGS Capital Group, LLC
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| Settlement date: | Oct. 28
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| Stock symbol: | OTCBB: IVOB
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| Stock price: | $0.50 at close Oct. 28
|
| Market capitalization: | $27.7 million
|
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