Work Medical Technology Group (WOK) said Wednesday it has priced an offering of 10 million ordinary units, or pre-funded units in lieu of the ordinary units, at $0.50 per ordinary unit and $0.4995 per pre-funded unit.

Each ordinary unit consists of one class A ordinary share, one series A warrant to purchase one class A ordinary share at $1, and one series B warrant to purchase one class A ordinary share at $1. Each pre-funded unit consists of one pre-funded warrant to purchase one class A ordinary share, one series A warrant, and one series B Warrant, the company said.

Work Medical said it expects to receive $5 million in gross proceeds from the offering, which will be used for upgrading production equipment and investing in the company's PRC subsidiaries' research and development, hiring employees to improve the systems of internal control and compliance with the US GAAP and the Sarbanes-Oxley Act of 2002, and for working capital and general corporate purposes.

Shares were 76% higher ahead of Wednesday's opening bell.