(RTTNews) - Cibus, Inc. (CBUS) announced on Wednesday the pricing of its public offering, which involves 3 million shares of Class A Common Stock priced at $4.00 each.

The agricultural biotechnology company has also provided underwriters with a 45-day option to purchase an additional 450,000 shares to address any over-allotments.

The company anticipates raising around $12 million in gross proceeds, prior to the deduction of underwriting discounts and expenses.

The company plans to use the net proceeds to advance the development of new seed traits, enhance existing traits, support Trait Machine operations, and for working capital and general corporate needs.

The offering is expected to close on September 19, 2024, with Roth Capital Partners and A.G.P./Alliance Global Partners serving as joint book-running managers for the transaction.

Currently, CBUS's stock is trading at $3.78, down 25.30% on the Nasdaq.