08:42 AM EST, 02/07/2025 (MT Newswires) -- Fitell ( FTEL ) said it has agreed to a registered direct offering to an institutional investor of about 2 million shares at $5.02 per share and warrants to purchase up to about 2.0 million shares at an exercise price of $5.02, for gross proceeds of about $10.0 million.

The offering is expected to close Monday, the company said.

The company said it plans to use the net proceeds from the offering to develop and launch smart fitness equipment and for general corporate purposes.