Core Viewpoint - Cibus, Inc. has announced a securities purchase agreement to sell 9,040,000 shares of Class A Common Stock at a price of $2.50 per share, aiming to raise approximately $22.6 million for further development of its agricultural biotechnology pipeline and general corporate purposes [1][2]. Group 1: Offering Details - The offering includes pre-funded warrants and warrants to purchase an aggregate of 9,040,000 shares of Class A Common Stock, with the warrants exercisable upon stockholder approval at a price of $2.50 per share [1]. - The gross proceeds from the offering are expected to be around $22.6 million before deducting fees and expenses, with the offering anticipated to close on or about January 24, 2025 [2]. - A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering [3]. Group 2: Investor Warrants - Certain investors in the offering hold outstanding warrants to purchase up to 1,198,040 shares of Class A Common Stock, with the exercise price being reduced from $10.00 to $2.50 per share [4]. - The threshold for the redemption provision of the Investor Warrants has been lowered to $5.00 per share, and the termination date has been extended to five years following the closing of the offering [4]. Group 3: Company Overview - Cibus is a leader in gene editing technology focused on developing productivity traits for major global row crops, addressing challenges such as diseases and pests that cost the global economy approximately $300 billion annually [7]. - The company is not a seed company but a technology company that licenses traits to seed companies in exchange for royalties on seed sales [7]. - Cibus has developed a pipeline of five productivity traits, with some traits already in commercial development with leading seed companies [8].
Cibus, Inc. Announces $22.6 Million Registered Direct Offering Priced Above Nasdaq's Minimum Price in Accordance with Nasdaq Rules