10:58 AM EDT, 07/15/2024 (MT Newswires) -- Silynxcom ( SYNX ) has filed for an offering of about 1.6 million common shares at an assumed price of $3.20 per share.

Underwriters have been given a 45-day option to buy up to 234,375 additional ordinary shares, the company said.

Net proceeds are expected to be about $4.34 million or about $5.03 million if the underwriters exercise their over-allotment option in full. These proceeds will be used for marketing and business development, research and development, working capital, and general corporate purposes, the company said.

Shares of Silynxcom ( SYNX ) were down by more than 9% in recent trading.

Price: 2.90, Change: -0.31, Percent Change: -9.66