05:54 PM EDT, 06/24/2024 (MT Newswires) -- Kaival Brands Innovations Group ( KAVL ) said Monday it closed a $6 million public offering of units.

The offering included about 3.9 million units at $1.53 per unit, according to the company.

Each unit includes one common share, or pre-funded warrant to purchase one share, and one and a half common stock warrants to purchase as many number of shares, according to Kaival.

Kaival Brands said the warrants can be exercised immediately for $1.53 per share and expire five years after they are issued.

Gross proceeds from the sale will be used for general corporate purposes, working capital and business expansion, the company added.

Shares of the company were up 5% in after-hours trading.

Price: 1.2700, Change: +0.06, Percent Change: +4.96