- Recursion ( NASDAQ: RXRX ) has entered into a stock purchase agreement for the sale of an aggregate of ~15.3M shares of its common stock in a private placement, led by Kinnevik AB.
- The price per share of $9.80 reflects an ~7% discount to the volume weighted average share price of Recursion's Class A common stock over the five trading days ended on Oct. 24, 2022.
- Gross proceeds of the private placement are expected to be ~$150M, led by Kinnevik with a $75M investment, before deducting placement agent fees and other expenses payable by Recursion.
- The Co. intends to use the net proceeds for general corporate purposes, which may include strategic investments in advancing of existing clinical and preclinical programs.
For further details see:
Recursion Pharmaceuticals announces $150M private placement