Precision BioSciences Announces Common Stock Purchase by Members of Management for $300,000 in a Private Placement

Rhea-AI Summary

Precision BioSciences, Inc. announced a private placement where the company will issue and sell 25,000 shares of common stock to its senior leadership team, including the CEO, at a price of $12.00 per share, totaling $300,000. The Private Placement is set to close on May 8, 2024, with the net proceeds intended for research and development initiatives.

DURHAM, N.C.--(BUSINESS WIRE)-- Precision BioSciences, Inc. (Nasdaq: DTIL) (the “Company”), an advanced gene editing company utilizing its novel proprietary ARCUS^® platform to develop in vivo gene editing therapies for sophisticated gene edits, including gene insertion, elimination, and excision, today announced that it has entered into a definitive subscription agreement, pursuant to which the Company will issue and sell in a non-brokered private placement to members of its senior leadership team, including the Chief Executive Officer, 25,000 shares of its common stock at a price of $12.00 per share, representing a 13.5% premium to the closing price of its common stock immediately preceding the signing of the subscription agreement, for an aggregate amount of $300,000 (the “Private Placement”). The Private Placement is expected to close on May 8, 2024, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from this offering to support its ongoing research and development initiatives.

There is no placement agent for the Private Placement.

The offer and sale of the securities have not been, and will not be, registered under the Securities Act of 1933, as amended, or any other securities laws. The securities may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Precision BioSciences, Inc.

Precision BioSciences, Inc. is an advanced gene editing company dedicated to improving life (DTIL) with its novel and proprietary ARCUS^® genome editing platform that differs from other technologies in the way it cuts, its smaller size, and its simpler structure. Key capabilities and differentiating characteristics may enable ARCUS nucleases to drive more intended, defined therapeutic outcomes. Using ARCUS, the Company’s pipeline is comprised of in vivo gene editing candidates designed to deliver lasting cures for the broadest range of genetic and infectious diseases where no adequate treatments exist.

Forward-Looking Statements

Certain statements contained in this press release, including those relating to the timing and size of the Private Placement, the anticipated total gross proceeds from the Private Placement and other statements relating to the Private Placement, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties associated with the consummation of the Private Placement, uncertainties related to market conditions, the satisfaction of customary closing conditions related to the Private Placement, the completion of the Private Placement on the anticipated terms or at all, general economic conditions and other risks identified from time to time in the reports the Company files with the SEC, including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which are available at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of the statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240508195910/en/

Investor and Media Contact:

Naresh Tanna

Vice President of Investor Relations

Naresh.Tanna@precisionbiosciences.com

Source: Precision BioSciences, Inc.

FAQ

What did Precision BioSciences announce in the press release?

Precision BioSciences announced a private placement of 25,000 shares of common stock to senior leadership members, including the CEO, at $12.00 per share, totaling $300,000.

When is the Private Placement expected to close?

The Private Placement is expected to close on May 8, 2024, subject to customary closing conditions.

What will the net proceeds from the offering be used for?

The net proceeds from the offering will be utilized to support the company's ongoing research and development initiatives.

Under what conditions can the securities be offered or sold?

The securities have not been registered under the Securities Act of 1933, and may only be offered or sold in compliance with exemptions or transactions not subject to registration requirements.