Wang & Lee (WLGS) said Monday that it has signed an agreement with investors to sell 3.5 million shares at $3.40 a share, along with Series A warrants to buy up to 3.5 million shares at an exercise price of $3.40 a share and Series B warrant.
The expected gross proceeds are $12 million, the company said.
The company said it will issue Series B warrants to buy up to a number of shares equal to the maximum eligibility number, which will be determined later, subject to a $0.95 floor price per share.
The number of securities to be issued is subject to adjustment, Wang & Lee said.
The offering is expected to be completed on or about Monday, the company said.
Shares of the company were falling past 82% in recent premarket activity.
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