02:42 PM EDT, 04/30/2024 (MT Newswires) -- Cemtrex ( CETX ) shares dropped more than 30% in recent Tuesday trading after the company filed a registration statement for an offering of 5.06 million units for gross proceeds of $9 million.

Each unit consists of one share of common stock or one pre-funded warrant to buy one share, one Series A warrant to buy one share and one Series B warrant to buy one share at an assumed public offering price of $1.78 per unit, the company said.

Each Series A and Series B warrant is immediately exercisable on the date of issuance and will expire two and a half years and five years, respectively, from the closing date of the offering, the company said.

Cemtrex ( CETX ) said it has granted its underwriter Aegis Capital a 45-day option to buy up to 15% of the shares, Series A warrants and/or Series B warrants sold in the offering.

Price: 1.24, Change: -0.54, Percent Change: -30.34