Agritech firm Cibus sinks on heavily discounted share sale

Agricultural technology firm Cibus CBUS.O shares sink 22.3% to $2.23 premarket after deep-discounted follow-on

San Diego, California-based gene-editor early Thurs announces pricing ~7 mln shares at $2.15 for $15 mln gross proceeds

Offering priced at 25.1% discount to stock's last sale of $2.87 on Weds

Co intends to use net offering proceeds for working capital and general purposes, including funding further development of its weed management traits in rice, per the prospectus

BTIG sole underwriter

Co has ~69.2 mln shares outstanding

CBUS shares closed up ~6% on Weds, stretching YTD gain to 65%, and ~32% below their 1-year intraday high of $4.19 from Mar 11

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