ERBA Diagnostics, Inc. announced that it has received $15 million in funding from ERBA Diagnostics Mannheim GmbH.
On July 1, 2011, the company closed its first tranche. The company has raised $5,000,000 by issuing 6,666,667 shares. The company also issued 20,000,000 warrants to the investor. The securities being issued are subject to a two-year lock-up period. The next two tranches of $5,000,000 each are expected to close on or prior to January 1, 2012 and on or prior to July 1, 2012.
On December 29, 2011, the company amended the terms of the transaction. The company announced that the second tranche will take place, after the first tranche, on the date that is 60 days after the date on which a majority of the independent directors on the company's board of directors determines by vote or written consent that the second tranche shall occur and causes the company to provide notice thereof to the investor and the final tranche will take place, after the first tranche and after or simultaneously with the second tranche, on the date that is 60 days after the date on which a majority of the independent directors on the company's board of directors determines by vote or written consent that the final tranche shall occur and causes the company to provide notice thereof to the investor. The investor currently holds 77.6% stake in the company.
On October 3, 2012, ERBA Diagnostics, Inc. closed the transaction. The company closed its second tranche of 8,666,667 shares for gross proceeds of $6,500,000. The company has issued 15,333,334 common shares for $11,500,000.5. ERBA Diagnostics Mannheim GmbH will own approximately 40.6 million, or 83.3%, of the approximately 48,700,000 then-issued and outstanding shares.
On December 29, 2015, IVAX Diagnostics Inc. closed the transaction. The company issued 4,666,666 shares for gross proceeds of $3,500,000 in the final tranche.