11:43 AM EST, 01/30/2025 (MT Newswires) -- SuperCom ( SPCB ) said Thursday it has struck deals to sell 545,454 shares to some institutional investors at $11 per share in a registered direct offering to raise about $6 million.

The firm said it plans to use net proceeds for working capital, research and development, potential acquisitions and general corporate purposes.

SuperCom ( SPCB ) said it expects to close the offering Friday, with Maxim Group as the placement agent.

SuperCom ( SPCB ) shares fell more than 13% in recent trading.

Price: 11.61, Change: -1.83, Percent Change: -13.62