MoSys Raises $7.4M Via Secondary Offering At 20% Discount

MoSys, Inc. (NASDAQ: MOSY) priced 1.487 million shares at $5 per share to raise $7.4 million in a secondary offering. The offer price signifies a 20% discount on Tuesday's closing price.
The offering proceeds will be utilized towards working capital, debt repayment, and general corporate requirements, and the offering is estimated to close by February 19, 2021.
MoSys stock has gained 279% in the last six months.
A net loss of $0.71 million during the third quarter of FY20 translated into a negative operating cash flow of $1.6 million in the nine months of FY20. The closing cash balance stood at $6.9 million.
A.G.P./Alliance Global Partners is the placement agent for the offering.
Price action: MOSY shares are down 12.3% at $5.49 in the pre-market session on the last check Wednesday.