Progenity (PROG) Announces Direct 13.33M Share Offering at $1.50/sh

October 4, 2021 1:41 PM EDT
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Progenity, Inc. (Nasdaq: PROG), an innovative biotechnology company, today announced that it has entered into a definitive agreement with several institutional investors for the purchase and sale, in a registered direct offering priced at-the-market under Nasdaq rules, of 13,333,334 shares of the Company's common stock, at a purchase price of $1.50 per share. The closing of the offering is expected to occur on or about October 6, 2021, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to Progenity from this offering are expected to be approximately $20 million, before deducting the placement agent's fees and other offering expenses. Progenity intends to use the net proceeds from this offering to support its operations, invest in research and development with respect to its diagnostic technologies and precision medicine platform, and for working capital and general corporate purposes.

A shelf registration statement relating to the offered shares of common stock was filed with the Securities and Exchange Commission (“SEC”) on July 30, 2021 and was declared effective on August 6, 2021. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of an effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.

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



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