Work Medical Technology (WOK) said Thursday it has struck a deal to sell almost 39 million Class A shares at $0.075 per share to several investors to raise about $2.9 million.

The investors can also purchase pre-funded warrants in lieu, the firm said. It expects to close the direct offering Sept. 26.

Shares of the company were down about 22% in recent trading.

Price: 0.09, Change: -0.03, Percent Change: -22.22