10:43 AM EDT, 09/12/2024 (MT Newswires) -- Monogram Technologies ( MGRM ) said Thursday it upsized its previously announced continuous offering of units to $12.5 million from $10 million.

Each unit consists of one share of Monogram's 8% series D convertible cumulative preferred share and one common stock purchase warrant. Each warrant will be exercisable to purchase one common share at an exercise price of about $3.38, the company said.

Monogram said it expects to stop taking subscriptions for the offering Thursday. Proceeds from the offering will be used for general working capital.

Shares of Monogram declined over 6% in recent trading activity.

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