Netcapital Inc. (NCPL), a digital private capital markets ecosystem, on Thursday announced signing of definitive agreements to sell 714,286 shares of its common stock at $7.00 per share in a registered direct offering. The company expects to raise approximately $5 million in gross proceeds from the offering. The closing of the offering is expected on or about July 7.
In a concurrent private placement, the company will issue unregistered short-term warrants to buy up to 714,286 shares of common stock at an exercise price of $6.88 per share. If the unregistered short-term warrants are fully exercised for cash, the company could receive up to an additional $4.9 million.
The net proceeds will be used to repay certain outstanding promissory notes and for general working capital needs.
The company said that the warrants will be immediately exercisable and will expire 24 months after the registration statement for the resale of the underlying shares becomes effective.
In the pre-market trading, Netcapital is 31.12% lesser at $5.82 on the Nasdaq.
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