Agritech co Cibus tumbles after announcing stock offering

Agritech firm Cibus CBUS.O shares down ~20% in extended trading to $2.29 on planned equity raise news

San Diego, California-based gene-editor announces offering comprising stock and pre-funded warrants without disclosing deal size

It plans to use net offering proceeds for working capital and general purposes, including funding development of its weed management traits in rice

BTIG sole underwriter

Co has ~69.2 mln shares outstanding for nearly $200 mln market cap

CBUS shares rose 5.9% to close at $2.87 on Weds, extending YTD gain to 65%

2 analysts rate the stock "buy", 1 rates "hold" with PTs of $3, $16 and $25, per LSEG data