 NEW YORK, Dec. 28, 2020 GLOBE NEWSWIRE -- GBS Inc. the Company Nasdaq: GBS, a life sciences company developing non-invasive, real-time diagnostic testing in the hands of patients and their primary health practitioners at point of care, today announced the closing of its previously announced initial public offering of 1,270,589 units of its securities, which amount reflected the 20 upsizing of the offering that was implemented at the time of pricing. Each unit was sold at the price of 17.00 and immediately separated into a one share of the Companys common stock, b one Series A Warrant to purchase one share of the Companys common stock at an exercise price equal to 8.50 per share exercisable until the 5th anniversary of the issuance date, and c one Series B Warrant to purchase one share of the Companys common stock at an exercise price equal to 17.00 per share exercisable until the 5th anniversary of the issuance date and subject to certain adjustment and cashless exercise provisions as described herein. The Series B Warrants contain an exchange feature that permit the holder to exchange the warrant into shares of common stock on a one-for-one basis any time commencing the earlier of 10 days from the IPO or the time when 10 million of volume is traded in the common stock which has already occurred if the closing stock price of the common stock on the date of exercise is below the exercise price of the Series B Warrant. The Company intends to use the net proceeds from this offering for obtaining regulatory approvals, marketing and establishing a distribution network, in addition to working capital. The gross proceeds from the offering were approximately 21.6 million before deducting underwriting discounts, commissions and offering expenses. 