SNOA Prices $4.0M Public Offering; Expects $3.5M Net Proceeds
Sonoma Pharmaceuticals, Inc. announced the pricing and closing of a public offering, raising approximately $4.0 million in gross proceeds and expecting $3.5 million in net proceeds after expenses. The offering included 2,962,962 units, each consisting of common stock (or pre-funded warrants) and a warrant, priced at $1.35 per unit. The company fully exercised the over-allotment option, issuing a total of 1,650,716 shares of common stock, 1,312,247 pre-funded warrants, and 3,407,404 warrants. Net proceeds will be used for general corporate purposes, including working capital.
Key Highlights
- Public offering priced at $1.35 per unit, raising approximately $4.0 million in gross proceeds.
- Company expects approximately $3.5 million in net proceeds after deducting offering expenses.
- Offering included 2,962,962 units, each with common stock (or pre-funded warrant) and a common stock warrant.
- The 45-day over-allotment option for 444,444 additional shares/warrants was fully exercised.
- Issued 1,650,716 common shares, 1,312,247 pre-funded warrants, and 3,407,404 warrants.
- Underwriter, Dawson James Securities, received a 7.5% fee and a 1% non-accountable expense allowance.
- Net proceeds will be used for general corporate purposes, including working capital.
- Company and insiders are subject to a 90-day lock-up period following the offering close.
Price Impact
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