Tuesday, Geron Corp. (GERN) disclosed the pricing of an underwritten offering and pre-funded warrants.
The offering comprises 41,999,998 shares of its common stock at a rate of $3.00 per share and pre-funded warrants for the purchase of 8,002,668 shares of its common stock at $2.999 per pre-funded warrant. Geron is planning to sell all the securities in the offering.
The expected gross proceeds to Geron from this underwritten offering are around $150.0 million.
The company plans to use the net proceeds from this offering, along with its existing cash, for potential activities such as the commercialization of imetelstat in specific syndromes in the U.S. and EU, pending regulatory approvals. Additionally, the funds will support continued development and potential regulatory submissions for imetelstat, with any remaining proceeds allocated to working capital and general corporate expenses.
The offering is set to close around March 21, 2024, subject to customary closing conditions.
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