Shares of SAB BIO (SABS), a clinical-stage biopharmaceutical company, touched a new 52-week high of $6.60 in early trading today, following the announcement of an oversubscribed $175 million private placement.
In the private placement, the company plans to issue up to 1 million shares of its Series B non-voting convertible preferred stock. These shares can be converted into up to 100 million common shares for $1.75 each. The company will also issue warrants allowing the purchase of up to 1.5 million additional Series B preferred shares, which could rake in gross proceeds of up to $284 million if fully exercised. The private placement is expected to close around July 22, 2025, subject to customary conditions.
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