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RegMed Investors (RMi) research note – Finance: Sangamo Therapeutics (SGMO) Proposes Offering of 24,761,905 shares priced at $0.84

March 22, 2024 11:10am

SGMO dived $0.1465 to $08238 or -15.098%

And pre-funded warrants of 3,809,523 shares of common stock, together with accompanying warrants to purchase up to an aggregate of 28,571,428 shares of common stock priced at $0.83

Gross proceeds $24 M possible

Barclays and Cantor are acting as placement agents for the offering

The Bottom Line: Desperation … and a lot of shares and will definitely be a test!

The combined offering price of each pre-funded warrant and accompanying warrant is $0.83. The warrants will become exercisable six months from issuance, expire five and a half years from the issuance date and have an exercise price of $1.00 per share.

The offering is expected to close on or about March 26, 2024,

Cash: $81 M

Debt: $38.1 M

Share outstanding:178.91 M

Float: 163.16 M

Float: 52-week low of $0.29 and high of $1.82

Held by Institutions: 49.66%

Short % of float (2/29): 6.61%

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