Wrap Technologies (WRAP) said Monday it signed a deal to sell about 3.2 million shares at $1.80 apiece to some investment partnerships affiliated with the company and institutional investors in a private placement.
The transaction also includes warrants to purchase about 3.2 million shares, which are immediately exercisable at an initial exercise price of $1.80 per share and will expire five years from issuance date, the company said.
The placement is set to close Friday, with the proceeds to be used for working capital and general corporate purposes, it said.
Shares of the company were down about 6% in recent trading.
Price: 1.98, Change: -0.13, Percent Change: -6.16
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