Cibus (CBUS) said late Wednesday that it plans a public offering of Class A common stock and pre-funded warrants for select investors.

Underwriters have a 30-day option to purchase up to an additional 15% of the shares on the same terms, the company said.

Cibus plans to use the proceeds for working capital, general corporate purposes, and further development of weed management traits in rice.

Shares of the company fell 25% in after-hours trading.