Cogent Biosciences (COGT) has released an update.
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Cogent Biosciences, Inc. has initiated a private placement deal to raise approximately $225 million by selling common and preferred stock to selected institutional and accredited investors. Scheduled to close on February 16, 2024, the agreement includes the sale of over 17 million common shares at $7.50 each and 12,280 preferred shares at $7,500 each, with the latter being convertible into common stock. To ensure the rights of these preferred shareholders, the company has set rules that prevent any adverse changes to their powers or rights without their affirmative vote.
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