Core Viewpoint - Cibus, Inc. has announced a securities purchase agreement for the sale of 9,040,000 shares of Class A Common Stock at a price of $2.50 per share, aiming to raise approximately $22.6 million to fund its pipeline development and general corporate purposes [1][2]. Group 1: Offering Details - The offering includes 9,040,000 shares of Class A Common Stock and warrants to purchase an equal number of shares, priced at $2.50 per share [1]. - The gross proceeds from the offering are expected to be around $22.6 million before expenses, with the offering anticipated to close on or about January 24, 2025 [2]. - The warrants will be exercisable upon stockholder approval and will expire five years after approval [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for further development of the company's productivity traits pipeline and for working capital and general corporate purposes [2]. Group 3: Investor Warrants - Certain investors will have their existing warrants' exercise price reduced from $10.00 to $2.50 per share, with the threshold for redemption also adjusted to $5.00 per share [4]. - The amendments to the Investor Warrants will take effect upon stockholder approval [4]. Group 4: Company Overview - Cibus is a leader in agricultural biotechnology, focusing on gene editing technologies to develop plant traits for major crops like canola, corn, rice, soybean, and wheat [7]. - The company addresses significant agricultural challenges, with its technology enabling faster and more cost-effective trait development compared to traditional breeding methods [7]. - Cibus has 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