Selecta Biosciences falls on merger with privately held Cartesian Therapeutics

Cartesian Therapeutics

13/11/2023 17:39

** Shares of Selecta Biosciences  SELB.O  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 ; https://twitter.com/LeroyLeo7;))