11:25 AM EDT, 05/17/2024 (MT Newswires) -- Akanda ( AKAN ) said Friday it expects to raise about $2.5 million in gross proceeds from the sale of securities to an accredited investor.

The offering comprises nearly 2.5 million common shares at $0.1031 apiece and almost 21.8 million pre-funded warrants to purchase an equal amount of shares at $0.103 per share, the medical cannabis company said.

Akanda ( AKAN ) said it expects the offering to close Friday and plans to use the net proceeds for general working capital and general corporate expenses.

The company's shares were up more than 92% in recent trading.

Price: 0.25, Change: +0.12, Percent Change: +92.38