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IBIO > SEC Filings for IBIO > Form 8-K on 24-Oct-2013All Recent SEC Filings

Show all filings for IBIO, INC.

Form 8-K for IBIO, INC.


24-Oct-2013

Other Events


Item 8.01 Other Events

On October 15, 2013, we announced an amendment of our January 2012 Warrants (the Warrants"), reducing the exercise price to $0.40 per share for twenty-one business days commencing October 15, 2013 and ending at 5:00 P.M. on November 12, 2013, after which the exercise price will revert to the original $0.88 exercise price until the Warrants expire on January 14, 2014. On October 15, 2013, at the inception of the reduced exercise price period, Eastern Capital Limited, the Company's largest single shareholder, exercised all of the 7.5 million Warrants that it owned at the exercise price of $0.40 per share. The resulting net proceeds to the Company of $3 million, together with cash on hand as of October 15, 2013, provided the Company with approximately $6.2 million in cash as of that date. Stockholders' equity as of October 15, 2013 was approximately $8.7 million. Based upon the Company's historical and forecasted rate of expenditures for operations, including discretionary product development expenses, cash on hand as of October 15 would be adequate to cover overall expenses of the Company through the end of the third calendar quarter of 2014. More precise financial information is contained in the Company's Form 10-K filed on September 30, 2013 and the Annual Report and audited financial statements and footnotes contained therein and will be contained in the Company's Form 10-Q for the quarter ended September 30, 2013 when filed.

On the basis of the foregoing, the Company believes that it has now satisfied the requirements of the extension granted by the New York Stock Exchange (the "NYSE") on October 11, 2013, and that it is now in compliance with Sections 1003(a)(ii), 1003(a)(iii) and 1003(a)(iv) of the NYSE Listing Standards. The Company believes that the filing of this Current Report on Form 8-K is the final step necessary to demonstrate such compliance and we are awaiting confirmation from the NYSE that the compliance review has been closed.

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