Sabby Capital Reveals New 7.3% Stake In RiceBran Technologies (RIBT)

RiceBran Technologies (NASDAQ:RIBT) has caught the attention of Hal Mintz, who has initiated a new position. In a recent filing with the Securities and Exchange Commission, Mintz’s fund, Sabby Capital, has reported ownership of 575,000 shares, which account for 7.31% of the total number of shares outstanding.

No other hedge funds that we track hold RiceBran Technologies (NASDAQ:RIBT) in their portfolio. The company completed a public offering on June 26.  A total of 1,417,500 shares of common stock were offered at a price of $5.29 apiece, with estimated gross proceeds of $7.5 million. The underwriters were awarded options for another 708,750 shares as over-allotments. The company plans to use the proceeds to pay off some of the debt and for working capital needs for its operation in the United States and Brazil.

RiceBran Technologies (NASDAQ:RIBT), formerly known as NutraCea, is a nutrition company, marketing products derived from rice bran. The company has a market cap of $16 million and does not pay a dividend. So far this year, the stock has been oscillating around the $5 level and is currently traded at $5.25 per share. For the three months ending March 31, 2014, RiceBran Technologies posted $7.68 million in revenues and a loss per share of $0.62.

In a recent move, Mintz has initiated a significant new position in Brainstorm Cell Therapeutics Inc (OTCBB:BCLI). Sabby Capital has reported ownership of 22 million shares or 9.79% of the company’s common stock. Another new addition to Sabby’s equity portfolio is Invivo Therapeutics Holdings Corp (OTCMKTS:NVIV): 9.11 million shares. Mintz is also optimistic about the prospects of Bio-Path Holdings Inc (NASDAQ:BPTH), having increased his fund’s stake to 4.45 million shares, which gives him control over 4.9% of the company’s common stock. The fund’s top position continues to be Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), despite the fact that Mintz has reduced it by 21% to approximately 364,750 shares during the first quarter of 2014.

Disclosure: none.