NEW YORK – Bionano Genomics said Thursday that it has signed definitive agreements with undisclosed investors for a registered direct stock offering that will raise approximately $3 million in gross proceeds.
The San Diego-based optical genome mapping company is offering 9,881,113 shares of its common stock at $.3039 per share. The transaction is expected to close around Oct. 31, subject to customary closing conditions. H.C. Wainwright is acting as the exclusive placement agent for the offering.
Along with the registered direct stock offering, Bionano is also offering Series C warrants and short-term Series D warrants, each to purchase up to 9,881,113 shares of its common stock at $.3039 per share.
The potential additional gross proceeds from these warrants, if fully exercised on a cash basis, will be approximately $6 million. However, the company cautioned that the warrants may not be approved by the stockholders or be exercised.
Bionano said it intends to use the net proceeds from the offering for general corporate purposes including working capital, research and development expenses, repayment or redemption of existing indebtedness, and capital expenditures.
Cash-strapped Bionano raised multiple funding rounds earlier this year, including $10 million in a direct stock offering in April, $17.9 million in debt financing in May, and another $10 million in a direct stock offering in July.
The company also said on Thursday that it has adjourned a special meeting of stockholders to Nov. 27. The meeting was originally held on Oct. 2 and subsequently adjourned to Oct. 30 because the required quorum for a vote was not reached. The shareholder vote is needed to approve the issuance of unregistered clinical milestone-linked warrants the company placed in July.