ProPhase Labs Inc ( PRPH ) shares are trading lower by 47% to 75 cents during Friday’s session. The company announced an underwritten public offering of 4.17 million shares of common stock at 72 cents per share, totaling approximately $3 million before expenses and discounts.

The company also granted underwriters a 45-day option to purchase up to an additional 625,500 shares to cover over-allotments. The offering, set to close on November 12, is managed by ThinkEquity.

ProPhase Labs ( PRPH ) says proceeds will fund working capital and general corporate purposes, including capital investments, product development, commercialization and potential acquisitions in diagnostics, genomics and consumer products.

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According to data from Benzinga Pro, PRPH has a 52-week high of $7.48 and a 52-week low of $0.66.