Geron Corp GERN:NASDAQ

Last Price$1.67NASDAQ Previous Close - Last Trade as of 4:00PM ET 7/01/22

Today's Change+0.12(7.74%)
Bid (Size)$1.63 (31)
Ask (Size)$1.67 (29)
Day Low / High$1.54 - 1.68
Volume3.6 M

Geron Prices Offering of Common Shares, Warrants; Expects $75 Million Gross Proceeds

3:25AM ET 3/30/2022 MT Newswires
Geron (GERN) said Wednesday that it priced its public offering of common shares and pre-funded warrants, for expected gross proceeds of about $75.0 million.

Specifically, the company is offering about 53.3 million common shares and pre-funded warrants to purchase about 18.1 million common shares, together with accompanying warrants to purchase about 35.7 million common shares.

The combined offering price to the public of each common share and accompanying warrant is $1.05. The combined offering price to the public of each pre-funded warrant and accompanying warrant is $1.049.

The common stock and pre-funded warrants will be sold in combination with an accompanying warrant to purchase 0.5 of a share of common stock issued for each share of common stock or pre-funded warrant sold.

The accompanying warrant has an exercise price of $1.45 per share and expires five years from the date of issuance. However, the term will be shortened upon achievement of a regulatory milestone.

The offering is expected to close on or about April 1.

Geron currently plans to use the net proceeds, together with its existing cash, cash equivalents, restricted cash and marketable securities to fund potential regulatory filings in the US and European Union for imetelstat in lower risk myelodysplastic syndromes and to support completion of the IMpactMF clinical trial in refractory myelofibrosis and planned exploratory studies in new indications.

The Geron stock price plunged almost 18% from Tuesday's close of $1.28 a share in afterhours trading.

Price: 1.05, Change: -0.23, Percent Change: -17.97