Gaia (GAIA) said Thursday it priced a public offering of 1.6 million class A common shares at $5 apiece for about $8 million in expected gross proceeds.
Underwriters have a 45-day overallotment option to acquire up to 240,000 additional shares.
The company said it expects the offering to close Friday and plans to use the net proceeds mainly for enhancements of its artificial intelligence capabilities, among other things.
Gaia shares were down nearly 12% in recent trading.
Price: 5.01, Change: -0.67, Percent Change: -11.80
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