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Progenity Prices Separate Public Stock, Private Senior Notes Offerings

NEW YORK – Progenity announced Wednesday evening it has priced its $25 million public offering of common stock and its $75 million private offering of convertible senior notes.

The San Diego-based firm is publicly offering 7,645,259 shares of its common stock at $3.27 per share and has granted the underwriters a 30-day option to purchase an additional 1,146,788 shares at the public offering price. Piper Sandler and Wells Fargo Securities are joint book-running managers and BTIG is the lead manager for the common stock offering.

The private offering of 7.25 percent convertible senior notes due 2025 has an initial conversion price of $3.60 per share. Progenity has granted the initial purchaser the option to purchase an additional $15 million principal amount in notes. Notes from the private offering will mature Dec. 1, 2025, and any notes converted to common stock before Dec. 1, 2022, will be entitled to an additional cash payment.

Both offerings are expected to close Dec. 7. Progenity said it will use the proceeds from both offerings to support its operations, invest in molecular testing and precision medicine research and development programs, and for working capital and general corporate purposes.