Zivo Bioscience, Inc. Announces Closing of Upsized $13.8 Million Public Offering and Uplisting to Nasdaq
June 02 2021 - 9:05AM
Zivo Bioscience, Inc. (NASDAQ: ZIVO, ZIVOW) (“ZIVO” and the
“Company”), a biotech/agtech R&D company engaged in the
development and commercialization of therapeutic, medicinal and
nutritional product candidates originally derived from proprietary
algal cultures, today announced the closing of its previously
announced underwritten public offering of 2,760,000 units at a
price to the public of $5.00 per unit. Each unit issued
in the offering consisted of one share of common stock and one
warrant to purchase one share of common stock at an exercise price
of $5.50. The common stock and warrants were immediately
separable and were issued separately. The common stock and warrants
began trading on the Nasdaq Capital Market on May 28, 2021,
under the symbols "ZIVO" and "ZIVOW,"
respectively. ZIVO received gross proceeds
of approximately $13.8 million, before deducting underwriting
discounts and commissions and other estimated offering expenses.
All share numbers and pricing information in this press release
reflect the Company’s previously announced 1-for-80 reverse stock
split of its issued and outstanding common stock, which became
effective at 12:01 a.m., Eastern Time, on May 28, 2021.
In connection with the offering, ZIVO granted
the underwriters a 45-day option to purchase up to an additional
414,000 shares of common stock and/or an additional 414,000
warrants at the public offering price to cover over-allotments.
Maxim Group LLC, partially exercised the over-allotment option
and purchased an additional 414,000 warrants at $0.01 per warrant
for additional gross proceeds of $4,140.
Maxim Group LLC is acting as lead book running
manager, and Joseph Gunnar & Co., LLC is acting as co-book
running manager for the offering.
The offering was conducted pursuant to the
Company's registration statement on Form S-1 (File No. 333-251221),
as amended, previously filed with and subsequently declared
effective by the Securities and Exchange Commission (“SEC”), and
the Company’s registration statement on Form S-1 MEF (File No.
333-256580) filed with the SEC, which became effective upon its
filing with the SEC. A final prospectus relating to the offering
was filed with the SEC on June 1, 2021 and is available on the
SEC’s website at http://www.sec.gov. Electronic copies of the final
prospectus relating to this offering may be obtained from Maxim
Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at
(212) 895-3745.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Zivo Bioscience, Inc.
Zivo Bioscience, Inc. (OTCQB:ZIVO) is a
Michigan-based biotech/agtech company engaged in the investigation
of the health and nutritional benefits of bioactive compounds
derived from its proprietary algal cultures, and the development of
natural bioactive compounds for use as dietary supplements and food
ingredients, as well as biologically derived and synthetic
candidates for medicinal and pharmaceutical applications in humans
and animals, specifically focused on the general benefits of
autoimmune and inflammatory response modulation. Visit
zivobioscience.com to learn more.
Forward Looking Statements
Except for any historical information, the
matters discussed in this press release contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward–looking statements include, among others, statements
regarding the Company’s anticipated closing of the underwritten
public offering. Although ZIVO believes that we have a reasonable
basis for each forward-looking statement, we caution you that these
statements are based on a combination of facts and factors
currently known by us and our expectations of the future, about
which we cannot be certain. Our actual future results may be
materially different from what we expect due to factors largely
outside our control, including risks that our strategic
partnerships may not facilitate the commercialization or market
acceptance of our products; risks that our products may not be
ready for commercialization in a timely manner or at all; risks
that our products will not perform as expected based on results of
our pre-clinical and clinical trials; our ability to raise
additional funds; uncertainties inherent in the development process
of our products; changes in regulatory requirements or decisions of
regulatory authorities; the size and growth potential of the
markets for our products; the results of clinical trials, our
ability to protect our intellectual property rights and other
risks, uncertainties and assumptions, including those described
under the heading “Risk Factors” in our filings with the Securities
and Exchange Commission. These forward–looking statements speak
only as of the date of this press release and ZIVO undertakes no
obligation to revise or update any forward–looking statements for
any reason, even if new information becomes available in the
future.
Contact:
Investor RelationsCORE
IR516-222-2560Investor@zivobioscience.com
MediaCORE IRJules
Abraham917-885-7378julesa@coreir.com
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