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Cibus, Inc. (NASDAQ:CBUS), a leading agricultural technology company that develops and licenses plant traits to seed companies, today announced that it has priced an underwritten offering of 2,106,723 shares of its Class A Common Stock and Pre-Funded Warrants to purchase up to 50,000 shares of its Class A Common Stock. The shares of Class A Common Stock are being sold at an offering price of $9.00 per share, before underwriting discounts and commissions, except for shares of Class A Common Stock purchased by an executive officer, which will have an offering price of $10.58 per share, which is the closing bid price for shares of our Class A Common Stock on December 11, 2023. The Pre-Funded Warrants are being sold to one of Cibus' executive officers at an offering price of $10.57, before underwriting discounts and commissions, which is the closing bid price for shares of Class A Common Stock on December 11, 2023, minus $0.01 per share. The Pre-Funded Warrants will have an exercise price of $0.01 per share, will be immediately exercisable and will remain exercisable until exercised in full.
Cibus estimates the gross proceeds from this offering to be approximately $20.3 million before deducting underwriting discounts and commissions and other offering expenses, and excluding the exercise of the Pre-Funded Warrants. The offering is expected to close on or about December 14, 2023, subject to the satisfaction of customary closing conditions. Cibus intends to use the net proceeds from this offering to fund further development of new and existing seed traits, including Canola and Rice, Trait Machine maintenance, research and development and working capital and general corporate purposes.
Posted In: CBUS
