NEW YORK (GenomeWeb) – Ceres has signed a securities purchase agreement with institutional investors for the purchase and sale of 1,200,000 shares of common stock at a $1.296 per share as well as warrants to purchase up to 1,200,000 shares of common stock with an exercise price of $1.62 per share.
The warrants will be exercisable six months following the date of issuance and will expire five years from the date they become exercisable. The closing of the sale of the securities is expected to take place on or about July 30, 2015, subject to the satisfaction of customary closing conditions.
Ceres is an agricultural biotechnology company that primarily develops and markets seeds and traits to produce crops for animal feed, sugar, and other markets. Last year, the company launched a beta to test a cloud-based version of Persephone, an internally-developed genome browser to help users integrate and explore various kinds of genomic data including genetic maps, scaffolds, physical maps, gene models, synteny, QTLs, SNPs, RNA-seq, and SNP chips.