Intrusion (INTZ) said Monday that it agreed to sell common shares and pre-funded warrants to an institutional investor in a $7.5 million registered direct offering.
The offering includes 653,000 common shares at $3.05 per share and 1.8 million pre-funded warrants to purchase an equal amount of shares at $3.0499 apiece, according to the company. Pre-funded warrants have an exercise price of $0.0001 per share.
Net proceeds will be used for general corporate purposes, including debt repayment, working capital, capital expenditures, acquisitions and other investments, Intrusion added.
The company expects to close the offering by Tuesday.
Intrusion stock was down almost 24% in recent trading.
Price: 3.21, Change: -1.00, Percent Change: -23.69
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