The company said that the purchase of the shares is for an exercise price of $1.71 per share and results in gross cash proceeds of about $5.68 million.
Wearable Devices (WLDS) stock rose nearly 5% in pre-market trading on Friday after the company announced that it entered into a warrant inducement agreement with an existing institutional investor to allow the immediate exercise of warrants to purchase up to 3.3 million shares.
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The company said that the purchase of the shares is for an exercise price of $1.71 per share and results in gross cash proceeds of about $5.68 million.
Wearable Devices said that it intends to use the net proceeds from the warrant inducement transaction for working capital and other general corporate purposes.
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