05:20 PM EDT, 09/17/2024 (MT Newswires) -- Chanson International Holding ( CHSN ) said Tuesday it closed a best-efforts public offering of nearly 9 million class A ordinary shares and an equal number of warrants.

The company said it raised gross proceeds of about $7.3 million from the offering at $0.81 per share and accompanying warrant.

Warrants have an exercise price of $0.97 per share, according to Chanson.

Net proceeds from the offering will be used for opening new stores in the US and China, the company added.

Chanson's shares fell more than 11% in after-hours activity.

Price: 2.2000, Change: -0.28, Percent Change: -11.29