08:58 AM EDT, 05/24/2024 (MT Newswires) -- Genelux ( GNLX ) said Friday it has priced an underwritten public offering of about 6.9 million shares and warrants to buy the same number of shares at a combined price of $4 per share, for expected gross proceeds of $27.5 million.

The company said the accompanying warrants will have an exercise price of $5.25 apiece, immediately exercisable following closing of the offer. The warrants to purchase shares will expire five years from the date of issuance, the company said.

Underwriters have been granted a 30-day option to purchase about 1 million additional shares and accompanying warrants to purchase 1 million shares of its common stock to cover over-allotments, if any.

Net proceeds will be used to provide working capital into Q1 2026 for general corporate purposes, including clinical development of Olvi-Ve, Genelux ( GNLX ) said.

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

Shares of Genelux ( GNLX ) were down nearly 25% in recent Friday premarket activity.

Price: 3.4701, Change: -1.13, Percent Change: -24.56