Zivo Bioscience, Inc. (NASDAQ:ZIVO, ZIVOW))))) (“ZIVO” and the “Company”), a biotech/agtech R&D company engaged in the development and commercialization of therapeutic, medicinal and nutritional product candidates originally derived from proprietary algal cultures, today issues a letter to shareholders from Chief Executive Officer Andrew Dahl.
To ZIVO Shareholders, Principals and Partners
2021 has turned into a watershed moment in the Company’s history and future outlook. After years of stopgap funding and on-off R&D, we find ourselves in the strongest financial position ever and a portfolio of products with great promise and prospects. The Company’s hybrid approach to R&D, working both biotech and agtech in parallel, has resulted in a robust intellectual property portfolio and engagement with some of the world’s best-known animal and human health brands.
We are committed to moving forward with commercialization efforts backed by the technical and financial resources we had worked for years to develop. This could not have happened without the active support of our investor base, those who recently joined us and those who’ve stuck with us over the years. Nor could it have been possible without a small but dedicated core team of ZIVO employees and external advisors.
Public offering and Nasdaq Up-listing
On June 2, 2021, the Company successfully completed its planned capital raise and “up-listing” to the Nasdaq stock exchange. The Company sold 2,760,000 shares of common stock and warrants to purchase up to 3,174,000 shares of stock for gross proceeds of $13.8 million. After offering expenses, the Company netted $12.2 million in capital funding that will be used to further the implementation the Company’s biotech and agtech strategies. As a result of the “up-list”, ZIVO Bioscience stock and registered warrants now trade on the Nasdaq exchange under the symbols ZIVO and ZIVOW, respectively.
Shortly after the June public offering, the Company was informed by Maxim Group, underwriters in the offering, that Maxim would be partially exercising their option to purchase additional common shares as allowed by the underwriting agreement. On July 1, 2021, Maxim purchased 150,000 shares of common stock; the Company netted proceeds of roughly $688,000. This funding event was a significant milestone for ZIVO Bioscience, providing the Company with the financial resources to advance the licensing effort for poultry gut health and start work on other animal species. Funds will also be allocated to accelerate production of the Company’s proprietary algal biomass for human nutritional applications.