Bon Natural Life (BON) said Monday it priced an offering of ordinary units at $1.44 apiece for gross proceeds of $12 million.

The company said the offering comprised about 8.3 million shares of its class A ordinary shares, and series A warrants and series B warrants to purchase class A ordinary shares at an exercise price of $1.44 per share and $2.16 per share, respectively.

Bon Natural Life said it plans to use the net proceeds from the offering, which is expected to close on or about March 18, to expand its sales network and production capacity, and for research and development, working capital and other general corporate purposes.

Shares were 43% lower ahead of Monday's opening bell.