Bio-agriculture firm Cibus tumbles on planned stock offering

Shares of Cibus CBUS.O down 17% in extended trading at $1.96 as agricultural biotechnology firm seeks equity raise

San Diego, California-based gene-editing co announces stock, or stock equivalents, offering; targeted deal size not disclosed

Co says board chairman and co-founder Rory Riggs has indicated to buy up to $10 mln worth of the offering

It plans to use net offering proceeds to fund development of weed management productivity traits in rice and for working capital and other general purposes, as it pursues longer-term financing

With ~34.4 mln shares outstanding, co has roughly $80 mln market cap

CBUS shares fell for fourth straight session on Weds, closing down 15.7% at $2.36

Stock ended 2024 at $2.78 and was trading around $11 a year ago