Cheer (CHR) said Wednesday it has struck a deal to sell 187.5 million Class A shares at $0.08 per share to some investors in a direct offering, with Univest Securities as the placement agent.
The investors can also buy pre-funded warrants in lieu, the firm said. It expects to close the offering Nov. 6.
Shares were down over 34% in recent trading.
Price: 0.09, Change: -0.05, Percent Change: -34.56
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