Twin Vee PowerCats (VEEE) said late Thursday it priced a public offering of about 6.4 million common shares at $0.47 each, targeting $3 million in gross proceeds.

The power sport boat manufacturer and distributor intends to use the net proceeds primarily for working capital and general corporate purposes.

The offering is expected to close Monday, the company said.

Twin Vee shares were down nearly 50% in recent premarket activity Friday.