Veritone (VERI) said Monday it has struck a deal to sell almost 6.5 million shares at $1.09 per share to investors in a registered direct offering.
The issue includes pre-funded warrants to buy up to about 1.8 million shares at $1.08 per warrant, the company said. It expects to close the offering July 2.
Esousa Group, an existing investor, led the offering with a $6 million investment in stock and pre-funded warrants, Veritone said. The firm added that it has issued shares to Chief Executive Officer, Ryan Steelberg, for gross proceeds of $1 million.
Veritone said it plans to use the net proceeds for working capital and general corporate purposes.
Shares were down more than 11% in recent trading.
Price: 1.27, Change: -0.16, Percent Change: -10.92
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