Progenity, Inc. (“Progenity”) (Nasdaq: PROG), an innovative biotechnology company, today announced the pricing of its previously announced underwritten public offering of 40,000,000 shares of its common stock and warrants to purchase up to 40,000,000 shares of its common stock. Each share of common stock is being sold together with one warrant to purchase one share of common stock at a combined public offering price of $1.00 per share of common stock and accompanying warrant, less underwriting discounts and commissions. The warrants have an exercise price of $1.00 per share, are exercisable immediately, and will expire five years following the date of issuance. Progenity expects to receive gross proceeds from the underwritten public offering of approximately $40 million, before deducting underwriting discounts and commissions and other offering expenses.

H.C. Wainwright is acting as the sole book-running manager for the offering.

In addition, Progenity has granted the underwriter a 30-day option to purchase up to an additional 6,000,000 shares of common stock and/or warrants to purchase up to an additional 6,000,000 shares of common stock at the public offering price, less the underwriting discounts and commissions.

All of the securities being sold in the offering are being offered by Progenity. The offering is expected to close on or about August 24, 2021, subject to the satisfaction of customary closing conditions.

A shelf registration statement relating to the offered securities 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 securities is being made only by means of a prospectus, including a prospectus supplement, forming a part of an effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website, located at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus related to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov and may also be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3^rd Floor, New York, NY 10022, by telephone at (212) 856-5711 or by email at [email protected].

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.