Agricultural tech firm Cibus drops on equity offering

Agricultural technology firm Cibus CBUS.O shares down 4.5% premarket to $1.68 after $20 mln follow-on prices

San Diego, California-based gene-editing co early Thurs announces ~13.3 mln shares at $1.50

Board members Jean-Pierre Lehmann and co-founder Rory Riggs indicated to buy up to $1.5 mln of offering, per the prospectus

CBUS intends to use net offering proceeds for working capital and general purposes, including to fund development of its weed management traits in rice and to pay professional expenses for advisory services

BTIG sole underwriter

Co has ~54.3 mln shares outstanding

Through Weds close, shares down ~28% over the past year

3 of 4 analysts rate the stock "buy", 1 "hold"; median PT $15.50 - LSEG