SAB Biotherapeutics establishes $75 million at-the-market offering program

SAB Biotherapeutics Inc. (NASDAQ: SABS) entered into a sales agreement with UBS Securities LLC on December 29 to establish an at-the-market offering program allowing the company to sell up to $75 million of common stock.

Under the agreement, UBS will act as sales agent for the biotechnology company's shares, which will be sold on the Nasdaq Stock Market at prevailing market prices. The company plans to use proceeds from any sales to support pipeline development and general corporate purposes.

The company is not required to sell any shares under the program. UBS will receive compensation of up to 3% of gross proceeds from each sale. Either party may terminate the agreement with 10 days' notice.

SAB Biotherapeutics terminated its previous at-the-market program with Cantor Fitzgerald & Co. on December 17. The prior program allowed for up to $20 million in stock sales and was established in January 2024. The company stated there are no costs associated with the early termination of the Cantor agreement.

The shares will be registered under the Securities Act of 1933 and offered through a shelf registration statement on Form S-3, according to the company's statement.

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