FRLN - Freeline proposes $26.1M ADS offering

Freeline Therapeutics Holdings (NASDAQ:FRLN) has entered into a definitive agreement with Freeline’s majority shareholder, Syncona Portfolio Limited, a subsidiary of Syncona Limited, and certain other existing shareholders to purchase $26.1M of its American Depositary Shares, each representing one ordinary share of the company, at a price of $1.05/ADS, in a registered direct offering. Offering is expected to occur on or about March 15, 2022. Net proceeds from this offering will be used to fund activities relating to the continued development of its product candidates and gene therapy platform and for other general corporate purposes. Pursuant to the offering, the company expects its level of cash and cash equivalents will enable the Company to fund its operating expenses into the third quarter of 2023.

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Freeline proposes $26.1M ADS offering