Know Labs, Inc. (NYSE American: KNW), a Seattle-based developer of non-invasive medical diagnostic technology, announced the pricing of a firm commitment underwritten public offering of 28,000,000 shares of its common stock at $0.25 per share on Wednesday. The aggregate gross proceeds from the offering are expected to total $7 million before deducting underwriting discounts, commissions and estimated expenses.
The company expects the offering to close on Friday, September 29, 2023, subject to customary closing conditions. Additionally, Know Labs has granted the underwriters a 30-day option to purchase up to 4,200,000 additional shares of its common stock to cover over-allotments at the same public offering price, less underwriting discounts and commissions.
The Benchmark Company, LLC and Boustead Securities, LLC are serving as Joint Bookrunning Managers for the offering. The registration statement relating to the offering was filed by the company with the Securities and Exchange Commission (SEC) and was declared effective on September 26, 2022.
Know Labs plans to use the proceeds from the offering for product development, clinical studies, general administrative expenses as well as potential investments in intellectual property and working capital.
The company is known for its proprietary non-invasive sensor technology called Bio-RFID™ which uses spectroscopy to direct electromagnetic energy through a substance or material to capture a unique molecular signature. This patented and patent-pending technology can be integrated into wearable, mobile or bench-top form factors. The first application of this technology is expected to be a non-invasive glucose monitor that provides real-time information on blood glucose levels.
In July 2023, Know Labs reported positive data for their prototype which demonstrated improved accuracy due to continued algorithm refinement and high-quality data collection. The company continues testing for its first-generation sensor prototype with the objective of eventually obtaining FDA clearance.
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