03:25 PM EDT, 06/21/2024 (MT Newswires) -- Kaival Brands Innovations Group ( KAVL ) shares were down nearly 52% in recent trading Friday after the company priced its public offering of about 3.9 million units at $1.53 per unit.

The company expects to raise $6 million in gross proceeds from the sale to fund general corporate purposes, working capital and business expansion, the company added.

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. The warrants can be exercised immediately for $1.53 per share and expire five years after they are issued.

The offering is expected to close on or about June 24, subject to closing conditions.

Price: 1.39, Change: -1.48, Percent Change: -51.57