09:03 AM EDT, 08/23/2024 (MT Newswires) -- Farmmi ( FAMI ) said Friday that it has agreed to sell $1 million worth of stocks and warrants in two separate offerings.

The Chinese agricultural products supplier said it is selling 3.4 million ordinary shares to certain institutional investors in a registered direct offering for $0.30 per share. It is also selling the investors warrants to purchase up to 3.4 million ordinary shares for $0.30 per warrant.

The warrants, which are immediately exercisable, have an initial exercise price of $0.75 per share, according to the company.

The offering is expected to close on Monday, subject to customary closing conditions.

Shares of the company sank nearly 74% in recent Friday premarket activity.

Price: 0.1500, Change: -0.42, Percent Change: -73.91