Precigen (PGEN) said Friday that it has signed a securities purchase agreement to sell its 8% series A convertible perpetual preferred stock via a private placement for estimated gross proceeds of $79 million.

The company said investors will have the right to exercise warrants to purchase approximately 52.7 million shares of its stock at $0.75 per warrant. It expects the offering to close on or before Monday.

Precigen said the net proceeds from the offering will be used for working capital and general corporate purposes. It also said it expects the financing, along with its cash on hand, will extend its cash runway "well into 2026."

Shares of Precigen were down 2.2% in recent premarket activity.