BioNano Genomics (NASDAQ: BNGO) shares surged 8.7% in after-hours trading on Wednesday after the genomic analysis company announced a $3 million registered direct offering priced at-the-market under Nasdaq rules.
The San Diego-based firm entered into a definitive agreement with certain institutional investors to sell an aggregate of 9,881,113 shares of its common stock and accompanying warrants. The warrants include Series C warrants to purchase up to 9,881,113 shares at an exercise price of $0.3039 per share, exercisable five years after stockholder approval. Additionally, short-term Series D warrants were issued to purchase up to 9,881,113 shares at the same exercise price, expiring 18 months after stockholder approval.
The offering is expected to close on or around October 31, 2024, subject to customary closing conditions. BioNano intends to use the net proceeds, along with its existing cash and securities, for general corporate purposes such as working capital, research and development expenses, debt repayment, and capital expenditures.
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