10:42 AM EDT, 09/16/2024 (MT Newswires) -- Healthy Choice Wellness said Monday that it priced its initial public offering of 400,000 class A common shares at $10 apiece for gross proceeds of $4 million and completed its spinoff from Healthier Choices Management.

Underwriters have a 45-day option to buy up to an additional 60,000 Class A shares to cover over-allotments, the company said.

Healthy Choice Wellness said its Class A shares are expected to begin trading on the New York Stock Exchange American on Monday, under the ticker "HCWC," while the IPO is expected to close on Tuesday.

Proceeds from the IPO will be used for general corporate purposes including working capital needs and potential acquisitions, the company said.

Meanwhile, Healthy Choice Wellness said the spinoff was effective as of Friday. Shareholders of Healthier Choices Management received one Class A share and three Class B shares of Healthy Choice Wellness for every 208,632 Healthier Choices Management shares held on Sept. 9.