Dogness Shares Plummet After Pricing Equity Offering At Steep Discount

Dogness Corp DOGZ has entered into a securities purchase agreement with institutional investors for a registered direct offering of 1.96 million common shares at $2.88 per share.
The offering price represents a 32.6% discount to the company’s close on February 18, 2022.
The aggregate gross proceeds from the sale total $5.66 million.
The company intends to use the proceeds for general corporate and working capital purposes.
The completion of the placement is expected to occur on or about February 24, 2022.
Price Action: DOGZ shares are trading lower by 40.2% at $2.56 on the last check Tuesday.