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Precigen, Inc. (NASDAQ:PGEN), currently valued at $1.14 billion in market capitalization, reported on Monday the conversion of 79,000 shares of its 8.00% Series A Convertible Perpetual Preferred Stock into 54,937,411 shares of common stock. The preferred shares had an aggregate stated value of $79 million and were converted at the rate of 695.4103 common shares per $1,000 of stated value. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.71x, indicating sufficient assets to cover short-term obligations.
The common shares were delivered to holders of the preferred stock on Wednesday, in accordance with the company’s Amended and Restated Articles of Incorporation and the terms of the preferred stock. The issuance relied on an exemption from registration under Section 3(a)(9) of the Securities Act of 1933, as the exchange was conducted exclusively with existing security holders and involved no commissions or other remuneration for soliciting the exchange.
Precigen is incorporated in Virginia and its common stock is listed on the Nasdaq Global Select Market under the ticker PGEN. This information is based on a statement in a recent SEC filing. For detailed insights into Precigen’s financial health, valuation metrics, and growth prospects, access the comprehensive Pro Research Report available exclusively on InvestingPro.
In other recent news, Precigen, Inc. has secured $100 million in non-dilutive financing through a credit facility agreement with Pharmakon Advisors, LP. This agreement provides the company with up to $125 million, with the first $100 million already funded. Additionally, Precigen announced the FDA’s full approval of Papzimeos for treating recurrent respiratory papillomatosis, which came two weeks earlier than expected. The treatment’s wholesale acquisition cost is set at $460,000 for a 12-week course.
In light of this approval, H.C. Wainwright reiterated its Buy rating and set a price target of $8.50 for Precigen. Furthermore, Citizens JMP raised its price target to $8.00, maintaining a Market Outperform rating. Precigen also signed a commercial supply agreement with Catalent for the manufacturing of Papzimeos, effective August 2025. Cantor Fitzgerald has reiterated its Overweight rating on Precigen, maintaining a positive outlook despite recent share price volatility.
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