SuperCom (SPCB) said Thursday it has struck deals to sell 545,454 shares to some institutional investors at $11 per share in a registered direct offering to raise about $6 million.
The firm said it plans to use net proceeds for working capital, research and development, potential acquisitions and general corporate purposes.
SuperCom said it expects to close the offering Friday, with Maxim Group as the placement agent.
SuperCom shares fell more than 13% in recent trading.
Price: 11.61, Change: -1.83, Percent Change: -13.62
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