(RTTNews) - Grail, Inc. (GRAL), a healthcare company, on Monday said it has entered into a securities purchase agreement for a private placement to issue and sell 4,639,543 shares of common stock or pre-funded warrants at $70.05 per share, with the closing expected on October 21.
The company expected to raise about $325 million in gross proceeds, before deducting fees and expenses.
The company said it plans to use the net proceeds to support commercial activities, reimbursement efforts, working capital, and other general corporate purposes.
The private placement includes participation from new and existing institutional investors, such as Deep Track Capital, Farallon Capital Management, Hims & Hers, Braidwell LP, three life sciences investment firms, and a tech and life sciences-focused family office.
The company expected that its cash, equivalents, and investments, including proceeds from this placement, would fund operations into 2030, excluding the previously announced $110 million investment from Samsung C&T and Samsung Electronics, subject to closing conditions.
In the pre-market trading, 6.42% higher at $83.01 on the Nasdaq.
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