Neuronetics (STIM) priced an underwritten public offering of 18.8 million common shares at $1.60 each for expected gross proceeds of about $30 million, representing a 20% discount from the stock's last closing price, the company said late Tuesday.

The underwriters were granted a 30-day option to purchase up to an additional 2.8 million shares.

Net proceeds will be used for debt repayments and for general corporate purposes, the company said.

Closing is expected to occur on or about Thursday, subject to customary closing conditions.