Wearable Devices Announces Pricing of $3.3 Million Private Placement Priced At-the-Market Under Nasdaq Rules with a Single Institutional Investor
Wearable Devices announced a securities purchase agreement with a single institutional investor for a private placement of 1,000,000 ordinary shares (or equivalents) and warrants to purchase up to 1,000,000 ordinary shares at a combined price of $3.285 per unit, with gross proceeds expected to be approximately $3.3 million before expenses.
Why it matters — The private placement brings a capital infusion from an institutional investor, priced above the last closing price under Nasdaq rules, providing the company with working capital without a discount to market.