Billionaire Kenneth Dart, Eastern Capital Exercise iBio Warrants

Eastern Capital, iBio: Recently, Kenneth Dart’s Eastern Capital reported exercising a warrant to purchase 7.5 million shares of Ibio Inc (NYSEMKT:IBIO). The exercise price of the warrant was temporarily reduced to $0.40 per share versus the $0.88/share price of the original arrangement. Shares of iBio trade at $0.36 currently, so the revised deal makes a lot more sense for Eastern. It now holds around 23.7 million shares of iBio, which represent a 36% stake.


Disclosure: none