DarioHealth today priced an underwritten public offering of 4.8 million shares of common stock at 60¢ per share with additional pre-funded warrants.
Pre-funded warrants offer 7.2 million shares of common stock at 59¢ each for gross proceeds of roughly $7.2 million. The pre-funded warrants have an exercise price of 0.01¢ and are exercisable until full and include beneficial ownership blocker of 9.99%.
The offering is expected to close May 24, with Craig-Hallum Capital Group as the sole underwriter.
Net proceeds are expected to be about $6.8 million. The company says it will use the net proceeds to commercialize its products with increased marketing or production expenses and for general working capital purposes.