Cibus (CBUS) Announces $20.3M Share Offering

Cibus, Inc. (Nasdaq: CBUS), a leading agricultural technology company that develops and licenses plant traits to seed companies, today announced that it has priced an underwritten offering of 2,106,723 shares of its Class A Common Stock and Pre-Funded Warrants to purchase up to 50,000 shares of its Class A Common Stock. The shares of Class A Common Stock are being sold at an offering price of $9.00 per share, before underwriting discounts and commissions, except for shares of Class A Common Stock purchased by an executive officer, which will have an offering price of $10.58 per share, which is the closing bid price for shares of our Class A Common Stock on December 11, 2023. The Pre-Funded Warrants are being sold to one of Cibus’ executive officers at an offering price of $10.57, before underwriting discounts and commissions, which is the closing bid price for shares of Class A Common Stock on December 11, 2023, minus $0.01 per share. The Pre-Funded Warrants will have an exercise price of $0.01 per share, will be immediately exercisable and will remain exercisable until exercised in full.

Cibus estimates the gross proceeds from this offering to be approximately $20.3 million before deducting underwriting discounts and commissions and other offering expenses, and excluding the exercise of the Pre-Funded Warrants. The offering is expected to close on or about December 14, 2023, subject to the satisfaction of customary closing conditions. Cibus intends to use the net proceeds from this offering to fund further development of new and existing seed traits, including Canola and Rice, Trait Machine maintenance, research and development and working capital and general corporate purposes.

Stifel and Canaccord Genuity are acting as joint book-running managers for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-273062), that was declared effective by the Securities and Exchange Commission on October 27, 2023. The Offering may be made only by means of a prospectus supplement and accompanying prospectus. A prospectus supplement relating to the offering will be filed with the SEC and, once filed, will be available on the SEC’s website at www.sec.gov. When available, copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained by contacting Stifel, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by email at [email protected]; or Canaccord Genuity, Attention: Syndication Department, 99 High Street, Suite 1200, Boston, Massachusetts 02110, or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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