Farmmi (FAMI) said Monday that it has priced its underwritten public offering of 12 million class A shares and/or pre-funded warrants to purchase ordinary shares at $0.25 per share or $0.24999 per pre-funded warrant.

The net proceeds are expected to be used for general corporate purposes and working capital, the agriculture products supplier said.

The offering is slated to close on Tuesday, the company said.

Shares of Farmmi were down 77% in recent Monday premarket activity.