Rapid Micro Biosystems Inc. (NASDAQ: RPID) announced the pricing of an underwritten offering consisting of shares and warrants expected to generate approximately $9.8 million in gross proceeds before fees and expenses.

The offering includes 3,581,000 shares of Class A common stock with accompanying warrants and up to 1,463,000 pre-funded warrants with accompanying warrants. The combined offering price is $1.955 per share, matching the company's closing price on May 18.

Each share or pre-funded warrant comes with Series A warrants exercisable at $1.955 per share and Series B warrants exercisable at $2.34 per share. Series A warrants become exercisable six months from issuance and expire after one year, while Series B warrants become exercisable six months from issuance and expire after five years.

Bain Capital Life Sciences and Armistice Capital LLC are participating in the offering. The company stated that if all warrants are exercised for cash, it would receive an additional $21.7 million, bringing total potential proceeds to approximately $32 million.

The company also entered into a separate registered direct offering with certain officers and directors for 71,607 shares and accompanying warrants at the same pricing terms.

TD Cowen and Lake Street Capital Markets are serving as joint book-running managers. The offering is expected to close on May 20, subject to customary closing conditions.

Rapid Micro Biosystems develops automation solutions for microbial quality control testing in pharmaceutical manufacturing. The company is headquartered in Lexington, Massachusetts.