GBS, which is developing saliva-based tests for SARS-CoV-2 and diabetes management in China, raised $22 million by offering 1.3 million units at $17, within the range of $16 to $18. The company offered 0.2 million more units than anticipated. Each unit consists of one share of common stock or one share of Series B Convertible Preferred Stock; one Series A warrant to purchase one share of common stock, exercisable at $8.50; and one Series B warrant to purchase one share of common stock, exercisable at $17.00. At pricing, the company commands a fully diluted market value of $201 million. Because the company offered units with warrants attached, GBS will be excluded from Renaissance Capital's stats.
GBS plans to list on the Nasdaq under the symbol GBS. Dawson James acted as a lead manager on the deal.
