Knightscope (KSCP) said Friday it has launched a registered direct offering of 625,000 common shares at $2.75 apiece to raise about $1.7 million in gross proceeds.

The offering will likely be completed around March 31, the company said.

Knightscope also said it plans to allocate the net proceeds toward working capital and general corporate purposes.

Knightscope shares were down more than 25% in recent Friday trading.

Price: 3.05, Change: -1.05, Percent Change: -25.66