04:45 AM EST, 12/13/2024 (MT Newswires) -- SEALSQ ( LAES ) said late Thursday that several institutional investors signed an agreement to purchase about 7.7 million of the company's shares at a public offering price of $1.30 per share for gross proceeds of $10 million.

The company said it intends to use the net proceeds to fund, among other things, the deployment of its "next-generation" post-quantum semiconductor technology and Application Specific Integrated Circuit capabilities in the US.

Shares of the company were down more than 12% in premarket activity Friday after more than quadrupling in regular trading over the past three days.

Price: 1.61, Change: -0.23, Percent Change: -12.43