RiceBran Technologies (NASDAQ:RIBT) announced a proposed public offering of common stock.
The company, based in The Woodlands, Texas, a global leader in the production and marketing of value-added products derived from rice bran and a producer of rice, rice co-products, and barley and oat products, announced today that it intends to offer and sell shares of its common stock in an underwritten registered public offering.
In addition, the company intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of its common stock sold in the offering to cover over-allotments, if any. All shares of common stock to be sold in the proposed offering will be sold by the company.
The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The company intends to use the net proceeds from the proposed offering, if completed, for working capital and general corporate purposes.
RIBT utilizes its proprietary processes to convert rice bran, one of the world's most underutilized food source, into a number of highly nutritious and clean label ingredient products.
The global target markets for its products include food and animal nutrition manufacturers and retailers, as well as specialty food, functional food and nutritional supplement manufacturers and retailers.
Stocks in RIBT plunged 63 cents, or 30.3%, to $1.45.
