10:28 AM EDT, 05/28/2024 (MT Newswires) -- Applied DNA Sciences ( APDN ) said Tuesday it has priced a public offering of about 9.2 million units for gross proceeds of about $12 million.

Each unit will consist of one common share or one pre-funded warrant, along with one series A warrant and one series B warrant.

The unit with a common share is priced at $1.30 apiece, while units with pre-funded warrants will have the same price minus $0.0001. Each warrant in the unit has an exercise price of $1.99 to purchase a common share of the company.

Meanwhile, series A warrants and series B warrants will expire at the fifth year and first anniversary of the shareholder approval, respectively, the company said.

Applied DNA plans to use the proceeds from the offering to further develop its therapeutic DNA production services and MDx testing services. Funds raised will also be used for general corporate purposes, research and development expenses, capital expenditures, working capital and general and administrative expenses, or to fund potential acquisitions or investments.

Applied DNA expects to close the offering on or about Wednesday.

Shares of the company fell over 66% in recent trading.

Price: 0.67, Change: -1.33, Percent Change: -66.58