Evogene Ltd. EVGN EVGN shares were trading 20% lower at $1.12 per share at the time of writing Monday morning.
What happened: The company announced it has entered into securities purchase agreements with institutional investors (including SilverArc Capital Management, Altium Capital Management, LP and CVI Investments, Inc.) for the purchase and sale of 8.5 million ordinary shares in a registered direct offering at a purchase price of $1.00 per ordinary share.
The closing of the offering is expected to occur on or about July 19, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $8.5 million before deducting placement agent fees and other offering expenses. Evogene intends to use the net proceeds of this offering to further develop its and its subsidiaries' product pipelines, to further enhance and expand its computational predictive biology platform and technological engines and for working capital and general corporate purposes.
A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
The ordinary shares will be issued in a registered direct offering pursuant to an effective shelf registration statement on Form F-3 (File No. 333-253300) previously filed with the U.S. Securities and Exchange Commission, under the Securities Act of 1933, as amended, and was declared effective by the SEC on March 3, 2021.
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Photo: Benzinga edit with photos by Stefan Balaz on Shutterstock and Peter Pike on Pixabay
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