09:26 AM EDT, 09/18/2024 (MT Newswires) -- Cibus ( CBUS ) said Wednesday it priced an underwritten public offering of 3 million shares of its class A common stock at $4 per share, for gross proceeds of approximately $12 million.

The company said it granted underwriters a 45-day option to buy up to 450,000 additional shares.

Proceeds will be used to fund advancing new seed traits and enhancing existing one, supporting trait machine operations, and for covering working capital and general corporate expenses, Cibus ( CBUS ) said. The offering is expected to close on Thursday.

Shares were down 21% in recent premarket trading.

Price: 4.00, Change: -1.06, Percent Change: -20.95