Cibus Announces $20.3 Million Registered Direct Offering
December 12 2023 - 6:30AM
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.
Stifel and Canaccord Genuity are acting as joint book-running
managers for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-273062), that was
declared effective by the Securities and Exchange Commission on
October 27, 2023. The Offering may be made only by means of a
prospectus supplement and accompanying prospectus. A prospectus
supplement relating to the offering will be filed with the SEC and,
once filed, will be available on the SEC’s website at www.sec.gov.
When available, copies of the prospectus supplement and the
accompanying prospectus relating to the offering may also be
obtained by contacting Stifel, Attention: Syndicate, One Montgomery
Street, Suite 3700, San Francisco, CA 94104, by telephone at (415)
364-2720 or by email at syndprospectus@stifel.com; or Canaccord
Genuity, Attention: Syndication Department, 99 High Street, Suite
1200, Boston, Massachusetts 02110, or by email at
prospectus@cgf.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Cibus
Cibus is a leader in gene edited productivity traits that
address critical productivity and sustainability challenges for
farmers such as diseases and pests which the United Nations
estimates cost the global economy approximately $300 billion
annually. Cibus is not a seed company. It is a technology company
that uses gene editing to develop and license traits to seed
companies in exchange for royalties on seed sales. Cibus’ focus is
productivity traits for the major global crops such as canola,
rice, soybean, and wheat. Cibus is the technology leader in high
throughput gene editing technology that enables Cibus to develop
and commercialize plant traits at a fraction of the time and cost
of conventional breeding. Using its Trait Machine process, Cibus
has developed a pipeline of five productivity traits including
important traits for pod shatter reduction, Sclerotinia resistance
and weed management. Three crops: canola, rice, and soybean; with
Cibus’ five traits: pod shatter reduction, herbicide tolerance
(HT)1, HT2, HT3, and Sclerotinia resistance make up the core of
Cibus’ three-crop, five-trait model, which is the central focus of
its business. Its initial traits for pod shatter reduction and weed
management are developed in collaboration with leading seed
companies. Its other pipeline traits including Sclerotinia
resistance are in advanced greenhouse and field trial stages.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify these statements by forward-looking words such as
"anticipates," "believes," "continue," "estimates," "expects,"
"intends," "may," "might," "plans," "predicts," "projects,"
"should," "targets," "will," or the negative of these terms and
other similar terminology. Forward-looking statements in this press
release include, but are not limited to, statements regarding the
anticipated closing of the offering and the expected uses of the
proceeds from the offering. Completion of the offering is subject
to numerous factors, many of which are beyond Cibus’ control,
including, without limitation, market conditions, failure of
customary closing conditions and the risk factors and other matters
set forth in the prospectus supplement and accompanying prospectus
included in the registration statement and the documents
incorporated by reference therein. You are cautioned not to place
undue reliance on any forward-looking statements made by Cibus’
management, which are based only on information currently available
to it when, and speak only as of the date, such statement is made.
Cibus does not assume any obligation to publicly provide revisions
or updates to any forward-looking statements, whether as a result
of new information, future developments or otherwise, should
circumstances change, except as otherwise required by law.
Investor and Media Contacts
Investor Relations:
Karen Troeberktroeber@cibus.com858-450-2636
Jeff Sonnek – ICRjeff.sonnek@icrinc.com
Media Relations:
Colin Sanfordcolin@bioscribe.com203-918-4347
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