Precigen Announces $79.0 Million Private Placement Offering of Convertible Preferred Stock

Core Viewpoint - Precigen, Inc. has entered into a securities purchase agreement for the sale of its 8.00% Series A Convertible Perpetual Preferred Stock in a private placement, expecting gross proceeds of $79.0 million before expenses [6]. Group 1: Private Placement Details - The private placement was led by affiliates of Patient Capital Management, with participation from notable investors including Bill Miller and Randal J. Kirk [1]. - The offering includes warrants allowing investors to purchase 52,666,669 shares of Precigen's common stock at an exercise price of $0.75 per share [6]. - The Preferred Stock will be redeemable for cash at Precigen's option, with dividends paid annually in cash or in kind for the first two years [2][7]. Group 2: Financial Projections and Use of Proceeds - The net proceeds from the offering will be used for working capital and general corporate purposes, extending Precigen's cash runway into 2026 [12]. - The financing is expected to support the anticipated commercial launch of PRGN-2012 in the second half of 2025, if approved [12]. Group 3: Conversion and Registration Rights - The Preferred Stock is convertible into common stock at an initial conversion price of approximately $1.125, which is 150% of the warrant exercise price [8]. - Precigen has agreed to grant investors certain registration rights concerning the Preferred Stock and common stock issuable upon conversion and exercise of the Warrants [4].