NEW YORK – GeneDx said Friday that it is selling a combined 428,571,429 shares of its common stock at $.35 per share in an underwritten public offering and concurrent registered direct offering expected to bring in $150 million in gross proceeds.
The public offering consists of 328,571,429 shares, with another 100 million shares being offered directly to "institutional investors affiliated with a member of GeneDx's board of directors."
Among the 100 million shares being sold directly, 77,663,376 comprise an initial offering, which are expected to be issued following the closing of the public underwritten offering. Another 22,336,624 shares are subject to stockholder approval to satisfy Nasdaq requirements.
Jefferies is acting as the sole bookrunning manager for the underwritten public offering and as the sole placement agent for the direct offering. Cowen is acting as a financial adviser to the company.
GeneDx said it intends to use the net proceeds for general corporate purposes, including additions to working capital, repayment of debts, and strategic investment.
Both the underwritten offering and the initial direct offering are expected to close on or about Jan. 31.
Sema4 acquired GeneDx in April and rebranded itself as GeneDx earlier this month.