NEW YORK — Life sciences instrumentation firm Bionano Genomics today filed an amended prospectus with US regulators to sell a combination of stock and warrants for expected net proceeds of $13.6 million.
The company also disclosed that it expects to post a nearly 18 percent jump in third quarter revenues to $3.3 million from $2.8 million in the year-ago quarter, and that it has received a waiver to a recent loan agreement for missing certain revenue targets.
In a filing with the US Securities and Exchange Commission, Bionano said it is planning to sell 5,265,000 shares of common stock with warrants to purchase an additional 5,265,000 shares. The San Diego-based company noted that certain investors whose purchase of common shares would push their ownership stake above either 4.99 percent or 9.99 percent will have the option to buy prefunded warrants exercisable for one share of common stock instead of acquiring the common stock directly in the offering.
The purchase price for each pre-funded warrant and the accompanying common warrant will be equal to the price at which a share of common stock and accompanying common warrant are sold to the public in the offering, minus $0.001. The exercise price of each pre-funded warrant will be $0.001 per share.
Bionano has not priced the offering but said that it expects to net $13.6 million in the transaction assuming an offering price of $2.85 per share and accompanying warrant, and no sale of prefunded warrants.
During Thursday afternoon trading on the Nasdaq, shares of Bionano tumbled 45 percent to $1.58.
Oppenheimer is acting as the offering's bookrunning manager, with Roth Capital Partners and Maxim Group acting as co-managers.
Bionano said it intends to use the proceeds of the offering for general corporate purposes including working capital, sales and marketing activities, general and administrative matters, and capital expenditures.
Last month, Bionano filed to sell 13.8 million shares of stock, along with warrants to purchase another 13.8 million shares.
The company noted in its latest SEC filing that the waiver to its loan agreement requires that it raise at least $10 million by the end of October and that it decrease the exercise price per share of certain warrants issued to the lender — Innovatus Life Sciences Lending Fund — to $.48 per share from $4.63 per share.
Bionano markets the Saphyr optical genome mapping system for large-scale structural variant analysis. It went public in August 2018.