--- title: "IGC Pharma files to sell up to $11,309,229 of stock at market" url: "https://aibio.space/news/igc-pharma-files-sell-up-11-309-229-stock-market/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-09-19" section: "Financings" tickers: "AMEX:IGC" source: "https://www.sec.gov/Archives/edgar/data/1326205/000118518525001235/igc424b5091925.htm" summary: "IGC Pharma, Inc. set the amount under a $60,000,000 at-the-market sales agreement with A.G.P./Alliance Global Partners. The cap follows a rule that limits" --- By the aibio.space news desk. Sources - [IGC Pharma, Inc. 424B5 (2025-09-19)](https://www.sec.gov/Archives/edgar/data/1326205/000118518525001235/igc424b5091925.htm) [IGC](https://aibio.space/companies/igc-pharma/) 2025-09-19 # IGC Pharma files to sell up to $11,309,229 of stock at market Tickers [IGC](https://aibio.space/companies/igc-pharma/) IGC Pharma, Inc. set the amount under a $60,000,000 at-the-market sales agreement with A.G.P./Alliance Global Partners. The cap follows a rule that limits small companies to one-third of their public float. ## Key facts - **Company**: IGC Pharma, Inc. (AMEX: IGC) - **News type**: Financings - **Primary source**: [IGC Pharma, Inc. 424B5 (2025-09-19)](https://www.sec.gov/Archives/edgar/data/1326205/000118518525001235/igc424b5091925.htm) *Traders on the NYSE floor, 1963. Photo: Thomas J. O'Halloran, public domain, via Wikimedia Commons. The picture shows the field, not the companies named.* IGC Pharma, Inc. filed a prospectus supplement, dated September 17, 2025, to offer up to $11,309,229 of common stock through an at-the-market program. The stock trades on the NYSE American under the symbol IGC. The offering runs through A.G.P./Alliance Global Partners, the sales agent, under a Sales Agreement for up to $60,000,000 of stock. The prospectus gives the last reported sale price as $0.41 on September 17, 2025. ## Why the cap is lower than the agreement The $11,309,229 figure comes from General Instruction I.B.6 of Form S-3. That rule stops a company with a public float below $75,000,000 from selling more than one-third of that float in any 12-month period. IGC's public float was about $33,927,686 as of September 3, 2025, based on about 72,136,567 non-affiliate shares at $0.47. The prospectus gives $0.47 as the highest closing price in the past 60 days or on that date. In the 12 calendar months before the supplement, IGC had sold 12,807,199 shares through this facility. There is no minimum offering amount, so the final proceeds depend on how many shares sell and at what prices. A.G.P. is not required to sell any specific number of shares and will use commercially reasonable efforts. The agreement also lets IGC sell shares to A.G.P. as principal for its own account. ## Fees, dilution and the company's cash position A.G.P. receives a fixed commission of 3% of the gross proceeds from each share sold. IGC agreed to reimburse certain agent expenses, including up to $40,000 of its counsel's fees, and to pay an annual maintenance fee of $10,000. The prospectus illustrates immediate dilution of $0.176 per share if 127,659,574 shares are sold at $0.47 for $60,000,000 in gross proceeds. For the fiscal year ended March 31, 2025, IGC reported revenue of $1,270,669 and a net loss attributable to common stockholders of $7,121,912. Total stockholders' equity was $6,330,414 at that date and $6,078,578 at June 30, 2025. For the three months ended June 30, 2025, revenue was $328,037, against $271,577 a year earlier, and the net loss was $1,598,513, against $2,378,322. The company's annual report for that year shows it used $4.8 million in operations, against $5.2 million a year earlier. The prospectus says the company has not yet achieved profitability. ## Use of proceeds and the business IGC says it intends to use the net proceeds to fund clinical trials, AI capabilities, research and development, facilities, marketing and advertising, and possible acquisitions of complementary products and businesses. The list also includes investments in mutual funds, treasury bonds, digital assets and other asset classes. The prospectus says the company has no definitive commitments for any acquisition. Digital assets appear on that list for a company that describes its core activity as clinical development, and the prospectus does not explain how such investments would be chosen or limited. IGC calls itself a clinical-stage pharmaceutical company that uses artificial intelligence to develop treatments for Alzheimer's disease and related conditions. Its lead investigational candidate, IGC-AD1, is in Phase 2 trials for agitation in Alzheimer's dementia. The company also describes an early-stage pipeline and AI models meant to find early markers of the disease. Its risk factors describe the company's marketing claims for hemp and cannabinoid products, which the prospectus says are not approved by the FDA and are meant to comply with state laws where medical cannabis is legal. ## Counsel and who is named Olshan Frome Wolosky LLP, of New York, is named as IGC's counsel, to pass upon certain legal matters including the legality of the securities. The prospectus does not name counsel for A.G.P., and it names no underwriter. The prospectus also says A.G.P. may be deemed an underwriter under the Securities Act of 1933, and that IGC has agreed to indemnify it for certain liabilities. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story IGC IGC Pharma, Inc. 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Cite as: aibio.space, "IGC Pharma files to sell up to $11,309,229 of stock at market", 2025-09-19, https://aibio.space/news/igc-pharma-files-sell-up-11-309-229-stock-market/