09:40 AM EDT, 07/10/2024 (MT Newswires) -- SeaStar Medical ( ICU ) said Wednesday that it has signed an agreement to issue and sell 947,868 shares, or share equivalents in lieu, at $10.55 per share in a registered direct offering with gross proceeds of $10 million.

SeaStar said that, in a simultaneous private placement, it will issue and sell warrants to buy up to the same number of shares, and that the warrants will have an exercise price of $10.55 per share.

The offering is slated to be completed by Thursday.

The company said the net proceeds from the offering will be used for general corporate purposes.

SeaStar shares were falling past 32% in recent trading.

Price: 8.80, Change: -4.20, Percent Change: -32.31