NEW YORK – Ginkgo Bioworks said on Wednesday before the market open that it has sold $100 million worth of Class A common shares to BTIG.
Ginkgo said it intends to use the proceeds from the sale to offset the cash used to finance the acquisition of certain assets and liabilities of Bayer CropScience, as well as for general corporate purposes.
BTIG proposes to offer the shares from time to time on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions, or otherwise at market prices prevailing at the time of sale.
Ginkgo has granted BTIG a 30-day option to purchase up to an additional $15 million shares of Class A common stock. The offering is expected to close on or about Nov. 18.
BTIG is acting as the sole book-running manager for the offering.
On Monday, Ginkgo disclosed that as of Sept. 30, it had $1.30 billion in cash and cash equivalents. The firm went public through a special purpose acquisition corporation in September 2021, raising approximately $1.63 billion.
In Wednesday morning trading on the NYSE, shares of Ginkgo were down 8 percent at $2.45.