Lightwave Logic (LWLG) said late Monday it priced an underwritten offering of 11.7 million shares, raising gross proceeds of about $35 million.

The company said it also granted underwriters a 30-day option to buy up to 1.8 million additional shares to cover any over-allotments.

Proceeds from the offering, expected to close Wednesday, will be used to speed up commercialization, expand US production capacity, support large customer design-ins, pursue M&A opportunities or technology investments, and for working capital and general corporate purposes, the company said.

The company said it currently has no agreements or commitments for acquisitions or investments, adding it expects to have about $70 million in cash after the offering closes and that it has terminated its existing equity line of credit.

Shares were 10% lower in premarket trade Tuesday.