G Medical Innovations Holdings Ltd (GMVD) shares are sliding more than 43 percent on Friday morning trade after announcing the pricing of an underwritten public offering of 12 million ordinary shares in lieu thereof.
The company said each ordinary share is being sold to the public at a price of $0.80 for gross proceeds of approximately $9.6 million.
G Medical said it intends to use the net proceeds for general corporate purposes, the offering is expected to close on April 4, 2023.
Currently, shares are at $0.94, down 43.36 percent from the previous close of $1.66 on a volume of 11,882,810.
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