11:50 AM EDT, 06/28/2024 (MT Newswires) -- MultiSensor AI ( MSAI ) said Friday it has priced a public offering of approximately 6.3 million shares of its common stock at $1.60 per share, expecting gross proceeds of about $10 million.

The offering, expected to close Monday, includes a 45-day option for underwriters to purchase an additional 937,500 shares, potentially raising gross proceeds to $11.5 million, before deducting underwriting discounts, commissions and offering expenses, MultiSensor AI ( MSAI ) said.

Proceeds from the public offering will fund general corporate purposes and increase capitalization, among others, the company said.

Concurrently, MultiSensor AI ( MSAI ) said it has entered a private offering agreement with 325 Capital for roughly 2.8 million shares and pre-funded warrants to purchase 6.6 million shares, aiming to raise $15 million.

Shares of the company fell nearly 19% in recent trading.

Price: 1.60, Change: -0.37, Percent Change: -18.78