Cibus Announces Pricing of Public Offering of Class A Common Stock
18 September 2024 - 10:25PM
Cibus, Inc. (Nasdaq: CBUS) (the “Company” or “Cibus”), a leading
agricultural biotechnology company that uses proprietary gene
editing technologies to develop plant traits (or specific genetic
characteristics) in seeds, today announced the pricing of an
underwritten public offering of 3,000,000 shares of its Class A
Common Stock, par value $0.0001 per share (“Class A Common Stock”)
at a public offering price of $4.00 per share. The Company has
granted the underwriters a 45-day option to purchase an additional
450,000 shares of Class A Common Stock to cover over-allotments, if
any. All shares of Class A Common Stock to be sold in the offering
are to be sold by the Company.
The gross proceeds of the offering will be
approximately $12.0 million before deducting underwriting discounts
and commissions and other estimated offering expenses payable by
the Company. The offering is expected to close on September 19,
2024, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering to
fund further development of new and improvement of existing seed
traits, Trait Machine operations, and for working capital and
general corporate purposes.
Roth Capital Partners and A.G.P./Alliance Global Partners 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), including a base prospectus, previously filed with the
U.S. Securities and Exchange Commission (the “SEC”) and declared
effective by the SEC on October 27, 2023. A prospectus supplement
describing the terms of the offering will be filed with the SEC and
will be available on the SEC’s website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
may be obtained, when available, from Roth Capital Partners, LLC,
888 San Clemente, Suite 400, Newport Beach, CA 92660, (800)
678-9147, from A.G.P./Alliance Global Partners, 590 Madison Avenue,
28th Floor, New York, NY 10022, by telephone at (212) 624-2060, or
by email at prospectus@allianceg.com, or by accessing the SEC’s
website, www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Cibus
Cibus is a leading independent plant trait
company that develops and licenses plant traits to seed companies
for royalties. Cibus is not a seed company, but rather a technology
company that uses its proprietary gene editing technology to
develop and commercialize plant traits at a fraction of the time
and cost of conventional breeding. Cibus’ strategy is focused on
commercializing productivity traits for the world’s major row crops
with large acreage such as: canola, rice, soybean, corn and wheat.
The Company targets traits that help manage farmers’ seed
productivity and sustainability challenges such as weeds, disease,
and insects. The United Nations estimates that the impacts from
these challenges cost the global economy approximately $300 billion
annually. Cibus has a current portfolio of six traits, three of
which are in commercial development and four of which are
multi-crop traits associated with weed management and disease,
including Sclerotinia resistance and a new weed management trait
which 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 "estimates," "expects," "intends," "may," "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 use 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 to satisfy 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.
CIBUS CONTACTS:
INVESTOR RELATIONSKaren
Troeberktroeber@cibus.com858-450-2636
Jeff Sonnek – ICRjeff.sonnek@icrinc.com
MEDIA RELATIONSmedia@cibus.com(619)
849-6009
Colin Sanfordcolin@bioscribe.com203-918-4347
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