Summary by Futu AI
On May 10, 2024, Biomerica entered into an At Market Issuance Sales Agreement with EF Hutton LLC and R.F. Lafferty & Co., Inc., to offer and sell shares of common stock up to $5,500,000. The common stock is traded on the NASDAQ under the symbol 'BMRA.' The previous day's closing sale price was $0.6138 per share. The sales may be made through 'at the market offerings' as defined by the Securities Act. The Sales Agents, acting as underwriters, will receive a commission of 2.0% of the gross proceeds from any sales. Biomerica has also agreed to indemnify the Sales Agents against certain liabilities. As of May 9, 2024, the aggregate market value of outstanding common stock held by non-affiliates was approximately $17,308,196. The company has not sold any shares of common stock under General Instruction I.B.6 of Form S-3 in the 12 months prior to the prospectus supplement date. Investing in the securities involves risks, detailed in the 'Risk Factors' section starting on page S-5 of the prospectus.