BUZZ-Selecta Biosciences falls on merger with privately held Cartesian Therapeutics

Reuters2023-11-14

** Shares of Selecta Biosciences drop 7% to 89 cents after announcing merger with private co Cartesian Therapeutics and private financing deal

** Under deal, Selecta issued to Cartesian shareholders 6.7 mln common shares and 0.38 mln non-voting preferred shares, which are convertible to ~385 mln shares

** SELB also issued 0.15 mln of preferred stock, convertible to 149.3 mln common shares, worth $60.25 million in private financing

** SELB has 153.4 mln outstanding common shares - LSEG

** Co to now be renamed Cartesian Therapeutics and will trade under new ticker RNAC from Tuesday

** Combined co to have $110 mln at close, including from private funding

** 5 of 6 brokerages rate the stock "buy" or higher, 1 "hold"; their median PT is $4

** Including session's loss, SELB's stock down 20.4% YTD

(Reporting by Leroy Leo in Bengaluru)

((Leroy.Dsouza@thomsonreuters.com ; ))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment