- TOMI Environmental Solutions Inc TOMZ has agreed to issue and sell ~2.87 million shares of its common stock with several institutional investors.
- The company has also agreed to issue warrants to purchase up to ~1.43 million shares of common stock in a concurrent private placement.
- The combined purchase price for one share and a warrant to purchase one-half of one share of common stock is $1.7425. The warrants have an exercise price of $1.68 per share.
- The company expects the gross proceeds from the offering to be ~$5 million. It intends to use the net proceeds for sales and marketing expenses associated with products, advertising, purchase of inventory, and other general corporate purposes.
- The offering is to close on September 29, 2021.
- Price Action: TOMZ shares are trading lower by 12.3% at $1.465 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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