09:05 AM EST, 01/23/2025 (MT Newswires) -- Lakeland Industries ( LAKE ) said Thursday it has priced an underwritten offering of about 1.8 million of its common shares at $22 apiece for expected gross proceeds of roughly $40 million.

The protective clothing supplier said it plans to use the net proceeds to repay certain debt, to support operations, and for general corporate purposes.

Lakeland said it has provided a 45-day option to underwriters to buy up to its 273,000 additional common shares and expects to close the offering around Friday.

Shares of the company were down 12.5% in recent premarket activity.