Pop Culture (CPOP) entered a securities purchase agreement with a new institutional investor for the sale of 53.3 million shares or pre-funded warrants at $0.15 each in a registered direct offering, the company said Friday.

Each pre-funded warrant entitles its holder to purchase a share, the company said.

The gross proceeds of the offering are estimated to be around $8 million, and the offering is expected to close Monday, the company said.