By Chris Wack
Know Labs shares were down 38% to 22 cents in premarket trading after the company priced a firm commitment underwritten public offering of 28 million shares at 25 cents a share.
The proceeds from the offering are expected to total $7 million before deducting the underwriting discounts and commissions and estimated offering expenses payable by Know Labs.
The offering is expected to close on or about Friday.
The company has granted to the underwriters a 30-day option to buy up to 4.2 million additional shares to cover over-allotments at the share public offering price.
Know Labs intends to use the proceeds from the offering for product development, clinical studies, general and administrative expenses, intellectual property and working capital.
Write to Chris Wack at [email protected]
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