Amendment, the parties agreed that there will be no redemptions of any of the Debentures for the month of December 2024 and also agreed to modify certain terms of the Debentures, including to: reduce the maximum monthly redemption payable to Investors from $1,000,000 to $500,000 from January 2025 to July 2025; increase the maximum monthly redemption payable to Investors from $1,000,000 to $1,375,000 beginning in August 2025 until the Debentures are repaid in full; and reduce the conversion price to convert outstanding principal amounts of the Debentures to shares of the Company’s common stock from $2.00 to $0.27 (the “Conversion Price Adjustment”), as may be adjusted from time to time for stock splits. As a result of his Conversion Price Adjustment, the $15,000,000 outstanding aggregate principal amount of the Debentures will be convertible into 55,555,556 shares of common stock, of which 45,555,556 shares have not been previously registered under the Securities Act. As consideration for the Amendment, the Company agreed to issue the Investors 5,000,000 shares of the Company’s common stock and to forbear from issuing a redemption notice under the Debentures to the Investors prior to July 31, 2025.
January 2025 Offering
On January 3, 2025, we entered into a securities purchase agreement with certain institutional investors for the sale of (i) in a registered direct offering priced at-the-market consistent with the rules of the Nasdaq Stock Market (the “January 2025 Offering”): (i) an aggregate of 22,900,000 shares of our common stock, (ii) pre-funded warrants to purchase up to an aggregate of 16,782,540 shares of our common stock (the “Pre-Funded Warrants”) and (iii) warrants to purchase up to an aggregate of 39,682,540 shares of our common stock (the “Purchase Warrants”, and together with the Pre-Funded Warrants, the “Warrants”). Each share of our common stock and each Pre-Funded Warrant sold pursuant to the purchase agreement in the January 2025 Offering was accompanied by a Purchase Warrant. The aggregate gross proceeds to us from the January 2025 Offering were approximately $10.0 million (excluding up to approximately $20.0 million of aggregate gross proceeds that may be received in the future upon the cash exercise of the Purchase Warrants), before deducting placement agent fees and other offering expenses payable by the Company. We received net proceeds of approximately $9.0 million from the January 2025 Offering.
Nasdaq Notice and Reverse Stock Split
On July 12, 2024, the Company received a letter (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) advising the Company that for 30 consecutive trading days preceding the date of the Notice, the bid price of the Company’s common stock had closed below the $1.00 per share minimum required for continued listing on The Nasdaq Capital Market (the “Minimum Bid Price Requirement”). The board of directors approved a reverse stock split of 60-to-1 which became effective on January 24, 2025, such that every sixty shares of the Company’s issued and outstanding common stock were automatically converted into one issued and outstanding share of common stock, without any change in the par value per share (the “Reverse Stock Split”). As a result of the Reverse Stock Split, proportionate adjustments were made to the per share exercise price and/or number of shares issuable upon the exercise or vesting of all stock options, restricted stock units and warrants outstanding as of January 24, 2025, which resulted in a proportionate decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such stock options, restricted stock units and warrants, and, in the case of stock options and warrants, a proportionate increase in the exercise price of all such stock options and warrants. In addition, the number of shares reserved for issuance under the Company’s Amended and Restated 2006 Equity Compensation Plan, 2018 Equity Incentive Plan, as amended, 2018 Employee Stock Purchase Plan, and 2020 Inducement Plan, as amended, immediately prior to January 24, 2025 were reduced proportionally. On February 10, 2025, we received notice from Nasdaq that we have regained compliance with the Minimum Bid Price Requirement.
All common stock and per share amounts in this prospectus supplement have not been adjusted to give effect to the Reverse Stock Split, except where expressly indicated.
Corporate Information
We were formed in January 2003 as BioNanomatrix LLC, a Delaware limited liability company. In August 2007, we became BioNanomatrix Inc., a Delaware corporation. In October 2011, we changed our name to BioNano Genomics, Inc., and in July 2018, we changed our name to Bionano Genomics, Inc.
Our principal executive offices are located at 9540 Towne Centre Drive, Suite 100, San Diego, California 92121, and our telephone number is (858) 888-7600. Our website address is www.bionanogenomics.com and we regularly post copies of our press releases as well as additional information about us on our website. Information contained in, or that can be accessed through, our website is not incorporated by reference into this prospectus supplement and the accompanying prospectus, and you should not consider information on our website to be part of this prospectus or in deciding whether to purchase our securities.