Ionetix Corporation announced the successful completion of its business combination with JDEV Acquisition Corp., resulting in Ionetix becoming a publicly traded company, and the concurrent closing of a private placement financing generating aggregate gross proceeds of approximately $32.3 million, before placement agent fees and offering expenses.
In connection with the transaction, the Company issued 10,777,279 shares of common stock at a purchase price of $3.00 per share in a private placement conducted with accredited investors. The business combination was structured as a reverse merger, with Ionetix continuing as the operating business of the combined public company.
The private placement was conducted in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b) of Regulation D. Pursuant to a registration rights agreement, the Company agreed to file a registration statement covering the resale of the shares issued in the offering.
Net proceeds from the financing are expected to be used to support the Company’s ongoing operations and growth initiatives.
Network 1 Financial Securities, Inc. acted as placement agent for the financing. Lucosky Brookman LLP served as counsel in connection with the transaction.
