Giftify (GIFT) said Wednesday it plans to sell 600,000 common shares at $1 per share for gross proceeds of $600,000.

The offering is expected to close Thursday, pending customary closing conditions, the company said.

Net proceeds from the offering are expected to be used for general corporate purposes, capital expenditures, working capital, as well as general and administrative expenses.

Shares of the company were down more than 33% in recent trading.

Price: 0.96, Change: -0.49, Percent Change: -33.79