Direct Biologics LLC announced a private placement for 22,600,000 class B units at an issue price of $4.424779 for gross proceeds of up to $100,000,000 in a round of funding on September 27, 2022. The transaction will include participation and has entered into subscription agreement with new investor IB Investments 1 LLC for $5,001,000 in principal amount of Class B Units. The round will be raised at a pre-money valuation of $500,000,000.

The LLC units will be exchanged for registered shares, subject to lock up period following the closing of the proposed de-SPAC transaction. The transaction is expected to close in H1 2023. 50% of securities in the transaction are subject to one month hold period following closing of business combination and remaining 50% of securities to be issued will be subject to two month hold period following the closing.

The parties are seeking to raise at least an additional $8,000,000 by November 21, 2022, and $20,000,000 by December 15, 2022, for a total of at least $25,000,000. Once the Initial Funding Amount is achieved, Good Works and Direct Biologics will then use their best efforts to raise a minimum of at least $75,000,000, net of expenses, prior to the Closing.