Farmmi, Inc. (NASDAQ: FAMI) disclosed the pricing of an underwritten public offering of ordinary shares and pre-funded warrants to buy ordinary shares. The firm revealed that it is anticipating a gross profit of nearly $81 million, before subtracting underwriting discounts and commissions and other projected payments to be paid by the firm.
It has been declared that the Offering is equal to 368,261,717 of the ordinary shares of the firm at a price of $0.22 per share. The pre-funded warrants shall be presented at the same price per share as the ordinary shares, subtracting the $0.0001 per share exercise price of each pre-funded warrant.
Shares of Farmmi, Inc. (NASDAQ: FAMI) plunged -51% at the time of writing on Monday. In the past 52-weeks of a trading session, the share of the firm fluctuated between the 52-week low and high range of $0.30 and $2.47, respectively. Farmmi Inc has a total market capitalization of $81.10 million at the time of writing.
Furthermore, the firm has disclosed that it is planning to utilize the net profit from this Offering for general business and working capital needs and capital expenditures. The ordinary shares are trading on The Nasdaq Capital Market under the symbol "FAMI". Moreover, it has been disclosed that the execution of the offering is likely to happen on September 15, 2021. The execution will be dependent on customary closing conditions.