- The stock price of Precision BioSciences Inc (NASDAQ: DTIL) surged by over 35% pre-market today. This is why.
The stock price of Precision BioSciences Inc (NASDAQ: DTIL) – a clinical-stage gene-editing company developing ARCUS-based ex vivo allogeneic CAR T and in vivo gene editing therapies – surged by over 35% pre-market today. Investors are responding positively to Precision BioSciences announcing that it has agreed to sell 35,971,224 shares of its common stock at a price of $1.39 per share, by way of an underwritten offering, for gross proceeds of approximately $50 million.
This offering is expected to close on or about June 24, 2022, subject to customary closing conditions. And all shares of common stock to be sold in the offering will be sold by Precision BioSciences. Precision BioSciences plans to use the net proceeds of the offering to help fund ongoing and planned research and development, and for working capital and general corporate purposes.
Jefferies is acting as sole book-running manager for the offering.
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