05:56 PM EST, 01/22/2025 (MT Newswires) -- Lakeland Industries ( LAKE ) said Wednesday it plans an underwritten public offering of an undisclosed number of its common shares.

The company said the underwriters are expected to be granted option to purchase 15% additional shares.

Proceeds will be used for debt repayment, business operations and expansion, including working capital and other general corporate purposes.

Shares were down nearly 11% in extended trading.