WLDS Stock Gains Premarket On Securing $5.7M Through Warrant Inducement Deal
Synopsis
The company said that the purchase of the shares is for an exercise price of $1.71 per share and results in gross cash proceeds of about $5.68 million.
Wearable Devices (WLDS) stock rose nearly 5% in pre-market trading on Friday after the company announced that it entered into a warrant inducement agreement with an existing institutional investor to allow the immediate exercise of warrants to purchase up to 3.3 million shares.
The company said that the purchase of the shares is for an exercise price of $1.71 per share and results in gross cash proceeds of about $5.68 million.
Wearable Devices said that it intends to use the net proceeds from the warrant inducement transaction for working capital and other general corporate purposes.
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