Company: PGEN
Filing Date: 2025-05-06
Form Type: PRE 14A
Source: 0001140361-25-017535
Chunk: 35

Company: PRECIGEN, INC.
Filing Date: 2025-05-06
Form: PRE 14A
Chunk 35
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 certain other investors, for the sale of 79,000 shares of our 8.00% Series A Convertible Perpetual Preferred Stock with an initial liquidation preference and stated value of $1,000 per share (the “Series A Preferred Stock”), and warrants (the “Warrants”) to purchase 52,666,669 shares of Common Stock, at an exercise price of $0.75 per share (the “Exercise Price”) in a private placement (the “Private Placement”). The Series A Preferred Stock is initially convertible into shares of Common Stock at a conversion rate of 888.8888 shares of Common Stock per $1,000 of stated value (the “Initial Conversion Rate”), and there were initially approximately 70,222,215 shares of Common Stock underlying the Series A Preferred Stock. The Initial Conversion Rate is subject to downward adjustment in certain circumstances, and the Initial Conversion Rate and the Exercise Price are also subject to customary anti-dilution adjustments. Dividends on the Series A Preferred Stock will be paid annually in cash when, as and if declared by the Board, except that for the first two years following the issue date of the Series A Preferred Stock, such dividends will be paid in kind in the form of an increase to the stated value and the liquidation preference of the Series A Preferred Stock by the amount of such dividends, together with Warrants to acquire a number of additional shares of Common Stock equal to 50% of the amount of such dividends divided by the Exercise Price. Following such increases to the stated value and the liquidation preference of the Series A Preferred Stock and to the number of shares of Common Stock issuable upon exercise of the Warrants, and assuming that the Series A Preferred Stock is convertible at the Initial Conversion Rate and that the Warrants are exercisable at the Exercise Price, there will be an aggregate of approximately 143,809,493 shares of Common Stock underlying the Series A Preferred Stock and issuable upon exercise of the Warrants (the “Maximum Number of Underlying Shares”). The convertibility of the Series A Preferred Stock and the exercisability of the Warrants is contingent upon us obtaining shareholder approval to increase the number of authorized shares of Common Stock. As of April 25, 2025, we had issued 295,165,060 shares of Common Stock and approximately 30,922,973 shares of Common Stock were issuable upon the exercise of outstanding options or the vesting of outstanding restricted stock units or performance stock units. In addition, as of