09:25 AM EST, 11/15/2024 (MT Newswires) -- 374Water (SCWO) said Friday it signed a securities purchase agreement with some investors to buy about $12.2 million worth of its common shares and warrants in a registered direct offering.

The company said it has agreed to sell about 9.8 million shares and warrants to buy about 14.7 million shares.

The price for one share and accompanying 1.5 warrants will be $1.25, it said.

Gross proceeds to 374Water from the offering are expected to be about $12.2 million, the company said, adding the offering is expected to close on or about Nov. 18.