Cellectis shares dip on pricing follow-on offering at $2.50/ADS

• Cellectis S.A. (NASDAQ:CLLS) has priced its previously announced $22M underwritten global offering by way of a capital increase of 8.8M American Depositary Shares at $2.50/ADS.
• Each ADS represents the right to receive one ordinary share of Cellectis, nominal value €0.05 per share, comprised of a public offering of ADS in the United States of America only and a private placement in other countries.
• Total net proceeds to be received by Cellectis from the sale of ADSs in the Global Offering are expected to be approximately $20.2M, equivalent to approximately €18.5M.
• The offering is expected close on February 7, 2023.
• The company plans to use approximately $17M of the net proceeds to fund the continued clinical development of UCART 123, UCART22, UCART20x22, and UCARTCS1, and any remainder for working capital and other general corporate purposes.
• The company believes that its cash and cash equivalents and cash flow from operations will be sufficient to fund Cellectis’ operations into Q2 2024.
• The 8.8M ADSs to be issued in the Global Offering will result in a dilution of approximately 16.2% of Cellectis’ outstanding share capital as of September 30, 2022 on a non-diluted basis.
• Shares slumped more than 10% in Friday's premarket session and currently trading at $3.26.

Comments

[lshiang]

The company is quite stupid to make equity offering at such a low price. Why can't the management team plan ahead when stock price was around $10? The odds to survive is probably slim, if not none.