SoFi CEO enters prepaid forward contract on 1.5 million shares
In a notable development on Monday, Benitec Biopharma Inc. (NASDAQ:BNTC) entered into a Registration Rights Agreement with investment entities Averill Master Fund, Ltd. and Averill Madison Master Fund, Ltd., following a registered direct offering. The company’s stock, currently trading at $13.73, has shown significant volatility, with InvestingPro data revealing a 16.6% decline over the past week despite an impressive 51.8% gain over the last six months.
The agreement, which emerged from a direct offering based on a March 25, 2025 prospectus supplement and a Securities Purchase Agreement dated the same day, obligates Benitec to file a registration statement for the resale of the common stock shares acquired by the Purchasers in the offering. The company must file this registration within 60 days post-closing and make concerted efforts to have it declared effective by the SEC as soon as possible. According to InvestingPro analysis, Benitec maintains a strong liquidity position with a current ratio of 25.48, indicating robust short-term financial health.
Benitec Biopharma, a Delaware-based pharmaceutical company, has committed to maintaining the effectiveness of this registration statement until the Registrable Securities are either sold under it or Rule 144 of the Securities Act of 1933, or become eligible for sale without restrictions under the same rule.
The Registration Rights Agreement also includes standard indemnification provisions, whereby Benitec Biopharma and the Purchasers will protect each other from liabilities associated with the registration statement.
This strategic move allows the Purchasers to eventually sell their shares in the market, increasing the liquidity of Benitec’s common stock. The full details of the Registration Rights Agreement can be found in Exhibit 10.1 of the company’s Current Report on Form 8-K, filed with the SEC.
The company, headquartered in Hayward, California, specializes in pharmaceutical preparations and is recognized under the SIC code 2834. This latest agreement is part of Benitec’s ongoing efforts to facilitate investment and maintain compliance with securities regulations.
This news is based on a press release statement and provides investors with the latest information on Benitec Biopharma’s financial arrangements. Analysts maintain an optimistic outlook for the company, with price targets ranging from $17 to $35 per share. For comprehensive analysis and additional insights, investors can access the detailed Pro Research Report available on InvestingPro, which includes 12 more key tips about the company’s financial health and market position.
In other recent news, Benitec BioPharma has reported significant advancements in its Phase 1b/2a clinical trial for BB-301, a gene therapy aimed at treating Oculopharyngeal Muscular Dystrophy (OPMD). Interim results presented at the 2025 Muscular Dystrophy Association Clinical & Scientific Conference revealed sustained improvements in swallowing function among subjects, with no severe adverse events reported. This progress underscores the potential of BB-301, as highlighted by H.C. Wainwright, which maintained its Buy rating and a $28.00 price target for Benitec. Similarly, JMP analysts reiterated a Market Outperform rating and an $18.00 price target, expressing optimism about the company’s "silence and replace" strategy. This innovative approach is central to Benitec’s research and development efforts, and the forthcoming data presentation at the MDA Conference is highly anticipated. The conference will provide a platform for Benitec to share extended follow-up results from its initial patients, which could further validate its treatment methodology. Investors are closely monitoring Benitec’s developments, as positive outcomes could reinforce confidence in the company’s strategic direction and potential for growth.
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