Precigen announces $79M private placement of Convertible Preferred Stock

Precigen (PGEN) announced that it has entered into a securities purchase agreement for the sale of its 8.00% Series A Convertible Perpetual Preferred Stock in a private placement. Precigen anticipates gross proceeds from the private placement of $79M before deducting offering expenses. In addition, the investors will have rights to exercise warrants to purchase 52,666,669 shares of Precigen’s common stock at an exercise price of 75c per share. The offering is expected to close on or before December 30, subject to customary closing conditions. The private placement was led by affiliates of Patient Capital Management, with participation from Bill Miller, Randal Kirk, executive chairman of the board of directors of Precigen, and certain other investors.