Inno Holdings (INHD) said Thursday it closed a direct offering of $7.2 million of common shares and pre-funded warrants at $3.6 per share and approximately $3.6 per warrant.

The offering consisted of 1.2 million common shares and warrants to buy 800,000 common shares, according to the company, which said 285,000 warrants were exercised upon closing.

Inno said it will use the net proceeds for general corporate purposes, including working capital.

Shares were down 7.3% in recent trading.

Price: 4.65, Change: -0.40, Percent Change: -7.92