NBS sold a registered direct offering 2,325,582 units with an aggregate gross offering price of $5M. Each unit was priced at $2.15 and consists of 1 share of common stock and a warrant which will allow investors, for a period of 2 years, to purchase .25 share of common stock at a per share price of $2.75. The warrants may be called in the event that the common stock trades over $4.50 for 10 consecutive trading days. If fully exercised the warrants would result in additional gross proceeds to NBS of $1,598,837.
Rodman & Renshaw, LLC acted as the exclusive placement agent in connection with the offering which is expected to close on or around 6/30/10, subject to customary closing conditions.