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Bionano Announces Closing of $3 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules

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Bionano Genomics (BNGO) has closed its previously announced registered direct offering, raising approximately $3 million through the sale of 9,881,113 shares of common stock and accompanying warrants. The combined offering price was $0.3039 per share. The offering includes Series C warrants (5-year term) and Series D warrants (18-month term), both with an exercise price of $0.3039 per share. If fully exercised, the warrants could provide additional gross proceeds of approximately $6 million. The company plans to use the proceeds for general corporate purposes, including working capital, R&D, debt repayment, and capital expenditures.

Bionano Genomics (BNGO) ha concluso la sua offerta diretta registrata precedentemente annunciata, raccogliendo circa $3 milioni tramite la vendita di 9.881.113 azioni ordinarie e warrant collegati. Il prezzo complessivo dell'offerta era di $0.3039 per azione. L'offerta include warrant di Serie C (termine di 5 anni) e warrant di Serie D (termine di 18 mesi), entrambi con un prezzo di esercizio di $0.3039 per azione. Se completamente esercitati, i warrant potrebbero fornire ulteriori proventi lordi di circa $6 milioni. L'azienda prevede di utilizzare i proventi per scopi aziendali generali, inclusi capitale circolante, ricerca e sviluppo, rimborso del debito e spese in conto capitale.

Bionano Genomics (BNGO) ha cerrado su oferta directa registrada previamente anunciada, recaudando aproximadamente $3 millones a través de la venta de 9,881,113 acciones ordinarias y warrants asociados. El precio combinado de la oferta fue de $0.3039 por acción. La oferta incluye warrants de la Serie C (plazo de 5 años) y warrants de la Serie D (plazo de 18 meses), ambos con un precio de ejercicio de $0.3039 por acción. Si se ejercen completamente, los warrants podrían proporcionar ingresos brutos adicionales de aproximadamente $6 millones. La compañía planea utilizar los fondos para fines corporativos generales, incluyendo capital de trabajo, I+D, pago de deudas y gastos de capital.

Bionano Genomics (BNGO)는 이전에 발표된 등록된 직접 공모를 완료하고 9,881,113주를 판매하여 약 $3 백만을 모금했습니다. 결합된 공모 가격은 주당 $0.3039였습니다. 이 공모는 5년 만기인 C 시리즈 워런트와 18개월 만기인 D 시리즈 워런트를 포함하며, 두 워런트 모두 주당 $0.3039의 행사 가격을 가지고 있습니다. 완전히 행사될 경우, 이 워런트는 약 $6 백만의 추가 총 수익을 제공할 수 있습니다. 회사는 이 수익을 일반 기업 목적, 포함하여 운전 자본, 연구 개발, 부채 상환 및 자본 지출에 사용할 계획입니다.

Bionano Genomics (BNGO) a clôturé son offre directe enregistrée précédemment annoncée, levant environ $3 millions grâce à la vente de 9 881 113 actions ordinaires et de warrants associés. Le prix combiné de l'offre était de $0.3039 par action. L'offre comprend des warrants de série C (durée de 5 ans) et des warrants de série D (durée de 18 mois), tous deux ayant un prix d'exercice de $0.3039 par action. Si exercés intégralement, les warrants pourraient générer des produits bruts supplémentaires d'environ $6 millions. La société prévoit d'utiliser les fonds pour des besoins corporatifs généraux, y compris le fonds de roulement, la R&D, le remboursement de la dette et les dépenses d'investissement.

Bionano Genomics (BNGO) hat ihr zuvor angekündigtes registriertes Direktangebot abgeschlossen und dabei etwa $3 Millionen durch den Verkauf von 9.881.113 Stammaktien und zugehörigen Warrants eingesammelt. Der kombinierte Angebotspreis betrug $0.3039 pro Aktie. Das Angebot umfasst Serie C Warrants (5-Jahres-Laufzeit) und Serie D Warrants (18-Monats-Laufzeit), die beide einen Ausübungspreis von $0.3039 pro Aktie haben. Bei vollständiger Ausübung könnten die Warrants zusätzliche Bruttoerlöse von etwa $6 Millionen liefern. Das Unternehmen plant, die Erlöse für allgemeine Unternehmenszwecke zu verwenden, einschließlich Betriebskapital, Forschung und Entwicklung, Schuldenrückzahlung und Investitionen in das Anlagevermögen.

Positive
  • Secured $3 million in immediate funding through registered direct offering
  • Potential additional $6 million in proceeds if warrants are fully exercised
  • Funds will strengthen working capital and support R&D activities
Negative
  • Significant shareholder dilution through issuance of 9.88 million new shares
  • Low offering price of $0.3039 per share indicates weak market position
  • Additional dilution risk from potential exercise of 19.76 million warrants
  • Stockholder approval required for warrant exercise creates uncertainty

Insights

This $3 million registered direct offering signals significant financial distress for Bionano Genomics. The offering price of $0.3039 per share reflects a deeply discounted valuation and the inclusion of both Series C and D warrants could lead to substantial dilution if exercised. With a market cap of only $24.9 million, this financing represents about 12% of the company's current value.

The warrant structure, potentially providing an additional $6 million if exercised, comes with significant uncertainty as it requires shareholder approval. The company's need to raise capital through such dilutive terms suggests severe cash constraints. The stated use of proceeds for "general corporate purposes" including debt repayment indicates defensive financial management rather than growth investment.

SAN DIEGO, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today announced the closing of its previously announced registered direct offering priced at-the-marker under Nasdaq rules for the purchase and sale of an aggregate of 9,881,113 shares of its common stock and Series C warrants to purchase up to an aggregate of 9,881,113 shares of common stock and short-term Series D warrants to purchase up to an aggregate of 9,881,113 shares of common stock (collectively, the “Warrants”) at a combined offering price of $0.3039 per share of common stock and accompanying Warrants. The Warrants have an exercise price of $0.3039 per share and will be exercisable beginning on the effective date of stockholder approval of the issuance of the shares of common stock upon exercise of the Warrants (the “Stockholder Approval”). The Series C warrants expire five years following the date of the Stockholder Approval and the short-term Series D warrants expire eighteen months following the date of Stockholder Approval.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The aggregate gross proceeds to the Company from the offering were approximately $3 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The potential additional gross proceeds to the Company from the Warrants, if fully exercised on a cash basis, will be approximately $6 million. No assurance can be given that the Stockholder Approval will be achieved or that any of the Warrants will be exercised. The Company intends to use the net proceeds from this offering, together with its existing cash and cash equivalents and available-for-sale securities, for general corporate purposes, including working capital, research and development expenses, repayment or redemption of existing indebtedness and capital expenditures.

The securities described above were offered and sold by the Company in a registered direct offering pursuant to a “shelf” registration statement on Form S-3 (File No. 333-270459) that was originally filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2023, and became effective on May 10, 2023. The offering of the securities in the registered direct offering was made only by means of a base prospectus and prospectus supplement that forms a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to the registered direct offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus may also be obtained from H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Bionano

Bionano is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company’s mission is to transform the way the world sees the genome through optical genome mapping (OGM) solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research. The Company also offers an industry-leading, platform-agnostic genome analysis software solution, and nucleic acid extraction and purification solutions using proprietary isotachophoresis (ITP) technology. Through its Lineagen, Inc. d/b/a Bionano Laboratories business, the Company also offers OGM-based diagnostic testing services.

For more information, visit www.bionano.com or www.bionanolaboratories.com.

Bionano’s products are for research use only and not for use in diagnostic procedures.

Forward-Looking Statements of Bionano Genomics

This press contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Words such as “believe,” “can,” “could,” “may,” “potential” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances and the negatives thereof) convey uncertainty of future events or outcomes and are intended to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, the use of proceeds from the offering, the exercise of the Warrants in cash prior to their expiration, and the receipt of the Stockholder Approval. Each of these forward-looking statements involves risks and uncertainties.

Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include adjustments to our preliminary measures of financial performance resulting from, among other things, the completion of our end-of-period review and reporting processes; the impact of adverse geopolitical and macroeconomic events, such as recent and future bank failures, the ongoing Ukraine-Russia conflict, related sanctions and any global pandemics, on our business and the global economy; challenges inherent in developing, manufacturing and commercializing products; our ability to further deploy new products and applications and expand the markets for our technology platforms; our expectations and beliefs regarding future growth of the business and the markets in which we operate; changes in our strategic and commercial plans; our ability to continue as a going concern, which requires us to manage costs and obtain significant additional financing to fund our strategic plans and commercialization efforts; our ability to cure any deficiencies in compliance with Nasdaq Listing Rules that could adversely affect our ability to raise capital and our financial condition and business; our ability to consummate any strategic alternatives; the risk that if we fail to obtain additional financing we may seek relief under applicable insolvency laws; and other risks and uncertainties including those described in our filings with the SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2023 and in other filings subsequently made by us with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. We are under no duty to update any of these forward-looking statements after the date they are made to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date the statements are made. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this press release.

CONTACTS
Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
eholmlin@bionano.com

Investor Relations:
David R. Holmes
Gilmartin Group
+1 (858) 366-3243
david.holmes@gilmartinir.com


FAQ

What is the size of Bionano's (BNGO) October 2024 registered direct offering?

Bionano raised $3 million through the sale of 9,881,113 shares and accompanying warrants at $0.3039 per share.

What is the exercise price of BNGO's warrants in the October 2024 offering?

The exercise price for both Series C and Series D warrants is $0.3039 per share.

How will Bionano (BNGO) use the proceeds from its October 2024 offering?

The proceeds will be used for general corporate purposes, including working capital, R&D expenses, debt repayment, and capital expenditures.

What is the expiration period for BNGO's Series C and D warrants?

Series C warrants expire in 5 years and Series D warrants expire in 18 months after stockholder approval.

Bionano Genomics, Inc.

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Medical Instruments & Supplies
Laboratory Analytical Instruments
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United States of America
SAN DIEGO