01:17 PM EDT, 08/08/2024 (MT Newswires) -- Expion360 ( XPON ) shares gained more than 9% in recent trading Thursday after closing a $10 million underwritten public offering.

The offering included 50 million common units or pre-funded units, each comprising one share of common stock or one pre-funded warrant, two series A warrants, and one series B warrant.

Expion360 ( XPON ) said the net proceeds will be used to fully repay $3.4 million debt and for working capital and general corporate purposes.

Aegis Capital, which has been granted a 45-day option to purchase additional shares by the company, partially exercised its over-allotment option, purchasing an additional 15 million series A and 7.5 million series B warrants, Expion360 ( XPON ) said.

Price: 0.09, Change: +0.01, Percent Change: +9.10