ROSEVILLE, Minn., Feb. 17, 2022 /PRNewswire/ -- Calyxt, Inc.
(NASDAQ: CLXT) ("Calyxt" or the "Company"), a plant-based synthetic
biology company, today announced the placement to an institutional
investor in an underwritten offering of 3,880,000 shares of its
common stock, pre-funded warrants to purchase up to 3,880,000
shares of its common stock, and common warrants to purchase up to
7,760,000 shares of its common stock (the "Offering"). The shares
of common stock and the pre-funded warrants are each being sold in
combination with corresponding common warrants, with one common
warrant to purchase one share of common stock for each share of
common stock or each pre-funded warrant sold. The pre-funded
warrants will have an exercise price of $0.0001 per share of common stock and the common
warrants will have an exercise price of $1.41 per share of common stock. The
pre-funded warrants will be immediately exercisable and remain
exercisable until exercised, while the common warrants will be
exercisable six months after the date of issuance and will have a
term of five years from the date of exercisability. The aggregate
public offering price for each share of common stock or each
pre-funded warrant and, in each case, an accompanying common
warrant is $1.41. All securities to
be sold in the Offering were sold by the Company.
The Company expects to close the Offering on or about
February 23, 2022, subject to the
satisfaction of customary closing conditions. The gross proceeds
from the Offering are expected to be approximately $10.9 million, assuming none of the accompanying
common warrants issued in the Offering are exercised. The Company
intends to use the net proceeds from the Offering for enhancing the
capabilities of its BioFactory production system and increasing its
capacity to produce at larger scales, continuing to build out its
PlantSpring technology platform and artificial intelligence /
machine learning capabilities, furthering customer relationships,
and for working capital and general corporate purposes.
There is no established public trading market for the pre-funded
warrants or the common warrants and the Company does not expect a
market to develop. Additionally, the Company does not intend to
apply for the listing of the pre-funded warrants or the common
warrants on any national securities exchange or other nationally
recognized trading system.
Canaccord Genuity is acting as the sole bookrunner for the
Offering.
The Offering is being made pursuant to a shelf registration
statement on Form S-3 (File No. 333-233231) that was declared
effective by the Securities and Exchange Commission (the "SEC") on
September 27, 2019. The Offering will
be made only by means of a prospectus supplement and accompanying
prospectus describing the terms of the Offering. Copies of the
prospectus supplement and the accompanying prospectus relating to
this Offering may be obtained, when available, by contacting
Canaccord Genuity LLC, Attention: Syndicate Department, 99 High
Street, Suite 1200, Boston,
Massachusetts 02110, or by email at prospectus@cgf.com.
These documents may also be obtained for free on the SEC's website
located at http://www.sec.gov.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities in the Offering.
There shall not be any sale of these securities in any state or
jurisdiction in which such offering, sale or solicitation would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Calyxt:
Calyxt (Nasdaq: CLXT) is a plant-based synthetic biology
company. The Company leverages its proprietary PlantSpring™
technology platform to engineer plant metabolism to produce
innovative and high value plant-based chemistries for use in
customers' materials and products. As plant-based solutions, the
Company's synthetic biology products can be used in helping
customers meet their sustainability targets and financial goals.
Calyxt's diversified offerings are primarily delivered through its
proprietary BioFactory™ production system. For more information,
visit www.calyxt.com.
PlantSpring, BioFactory, and the Calyxt logo are trademarks of
Calyxt, Inc. Any other trademarks belong to their respective
owners.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify these statements by forward-looking words such as
"anticipates," "believes," "continue," "estimates," "expects,"
"intends," "may," "might," "plans," "predicts," "projects,"
"should," "targets," "will," or the negative of these terms and
other similar terminology. Forward-looking statements in this press
release include, but are not limited to, statements regarding the
anticipated closing of the Offering and the expected uses of the
proceeds from the Offering. Completion of the Offering is subject
to numerous factors, many of which are beyond Calyxt's control,
including, without limitation, market conditions, failure of
customary closing conditions and the risk factors and other matters
set forth in the prospectus supplement and accompanying prospectus
included in the registration statement and the documents
incorporated by reference therein. You are cautioned not to place
undue reliance on any forward-looking statements made by Calyxt's
management, which are based only on information currently available
to it when, and speak only as of the date, such statement is made.
Calyxt does not assume any obligation to publicly provide revisions
or updates to any forward-looking statements, whether as a result
of new information, future developments or otherwise, should
circumstances change, except as otherwise required by law.
Contacts:
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Calyxt Media
Contact:
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Calyxt Investor
Relations Contact:
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David Rosen/ John
Garabo
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Kimberly
Minarovich
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Argot
Partners
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Argot
Partners
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(212)
600-1902
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(212)
600-1902
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media@calyxt.com
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investors@calyxt.com
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SOURCE Calyxt, Inc.