11:42 AM EDT, 08/02/2024 (MT Newswires) -- LogicMark ( LGMK ) shares fell over 37% in recent Friday trading after pricing an at-the-market offering of about 9.7 million units for estimated gross proceeds of about $4.5 million.

Each unit will be sold at $0.4654 and will consist of one common share, one series A warrant to purchase a share, and one series B warrant to purchase a share.

The warrants are exercisable after shareholders' approval and can be exercised for $0.4654 per share. The series A and series B warrants expire five years and two and a half years after issuance, respectively.

Net proceeds from the offering will be used for working capital and general corporate purposes.

The company expects to close the offering on Aug. 5.

Price: 0.29, Change: -0.17, Percent Change: -37.45