- Progenity Inc PROG has priced its previously announced underwritten public offering of 40 million shares and warrants to purchase up to 40 million shares.
- Each share of common stock is being sold together with one warrant has a combined price of $1.00 per share, raising gross proceeds of $40 million.
- The offer price represents a discount of 33% from the last close price of $1.49 on Thursday.
- The warrants have an exercise price of $1.00 per share and will expire five years following the date of issuance.
- Underwriters have an option to purchase up to an additional 6 million shares or warrants to purchase up to an additional 6 million shares.
- H.C. Wainwright is acting as the sole book-running manager for the offering.
- Related: Progenity to Close Genetic Test Services, Shifts Focus to Therapeutics.
- The offering will be complete by August 24.
- Price Action: PROG shares are down 54.6% at $0.67 during the market session on the last check Friday.
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