Progenity Stock Drops To 52-Week Low On $40M Equity Capital Raise

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Progenity Inc PROG has priced its previously announced underwritten public offering of 40 million shares and warrants to purchase up to 40 million shares.
Each share of common stock is being sold together with one warrant has a combined price of $1.00 per share, raising gross proceeds of $40 million.
The offer price represents a discount of 33% from the last close price of $1.49 on Thursday.
The warrants have an exercise price of $1.00 per share and will expire five years following the date of issuance.
Underwriters have an option to purchase up to an additional 6 million shares or warrants to purchase up to an additional 6 million shares.
H.C. Wainwright is acting as the sole book-running manager for the offering.
Related: Progenity to Close Genetic Test Services, Shifts Focus to Therapeutics.
The offering will be complete by August 24.
Price Action: PROG shares are down 54.6% at $0.67 during the market session on the last check Friday.