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ImmuCell Required to Prepare Second Submission of Final Major Technical Section for Re-Tain®
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ImmuCell Closes $4,250,000 Equity Financing
ImmuCell CorporationApril 14, 2021 GMT
PORTLAND, Maine, April 14, 2021 (GLOBE NEWSWIRE) ImmuCell Corporation (Nasdaq: ICCC) (“ImmuCell” or the “Company”), a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle, today announced that it has closed an equity investment.
On April 14, 2021, the Company issued the aggregate of 515,156 common shares at $8.25 per share directly to its largest stockholder (the Pessin family) and several other investors, raising gross proceeds of $4,250,037, with minimal closing costs. These shares have been registered under the Company’s effective shelf registration statement on Form S-3.
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PORTLAND, Maine, Dec. 15, 2020 (GLOBE NEWSWIRE)
ImmuCell Corporation (Nasdaq: ICCC) ( ImmuCell or the Company ), a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve the health and productivity of dairy and beef cattle, today announced a restructuring of its bank debt.
Today, the Company secured a $1.5 million loan from its existing lender, Gorham Savings Bank, with a seven-year term and amortization at 3.5% per annum. Approximately $624,000 of the proceeds were used to pay down the outstanding balance on its mortgage loan with Gorham Savings Bank. In connection with that pay-down, the bank released the $1.4 million in funds that had been held by the bank in a restricted collateral account since the Company s March 2020 financing. The remaining proceeds of approximately $876,000 are available to pay closing costs and for general working capital purposes.