Safe & Green (SGBX) said Monday it priced a private placement of roughly 20.4 million common units at $0.392 per unit to raise almost $8 million in gross proceeds.

Each common unit comprises a share of common stock or a pre-funded warrant, one series A and one series B warrant to buy additional shares. The pre-funded units are priced at $0.3919 after considering the warrant exercise price, according to the company.

The series A warrants have an initial exercise price of $0.784 per share and series B warrants $0.98 per share. The company said the transaction is expected to close by Monday, subject to customary closing conditions.

It added that the net proceeds would be used for general corporate purposes and equipment for expansion.

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