08:57 AM EDT, 06/12/2024 (MT Newswires) -- Cibus ( CBUS ) said Wednesday it expects about $13 million in gross proceeds from a private placement to sell about 1.3 million shares of its class A common stock and warrants to buy the same amount of shares.

The company said it signed a securities purchase agreement to sell each share and warrant for $10 to investors and $10.20 to Chief Executive Rory Riggs. The warrants will be exercisable immediately at $10 per share, except for those issued to Riggs, which will have an initial exercise price of $10.07 per share.

The gene-editing technology company said it intends to use the net proceeds from the offering, expected to close Thursday, to finance seed trait development and operational requirements.

Shares of the company were down 1.7% in recent Wednesday premarket activity.

Price: 9.90, Change: -0.17, Percent Change: -1.69