Cibus, Inc. announced the closing of its previously announced public offering, raising gross proceeds of $27.5 million. The offering involved the sale of 15,714,285 shares of its Class A Common Stock at a purchase price of $1.75 per share.
The offering included participation from institutional and strategic investors, as well as the Chairman of Cibus’ board of directors, who purchased 5,714,286 shares. All shares were sold by Cibus.
The company intends to use the net proceeds from the offering to fund further development of its weed management productivity traits in Rice and for working capital and general corporate purposes, as it pursues longer-term financing. This capital infusion is crucial for the company's ongoing operations and development pipeline.
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