Nogin Plummets Following $22M Equity Offering

Nogin Inc NOGN has priced the public offering of 7.33 million shares of common stock and 7.33 million common warrants to purchase 7.33 million shares of common stock at a combined price of $3.00 per share and common warrant.
The company expects gross proceeds of approximately $22 million before deducting placement agent fees and other offering expenses.
The company expects the offering to close on or about April 6, 2023.
The offering includes participation from members of the company's management team and board of directors and other insiders and holders of convertible notes.
The company intends to use the offering net proceeds to repurchase promissory notes from holders of its convertible notes and for general corporate purposes.
The company closed Monday's session up 139.8% at $6.51.
Price Action: NOGN shares are trading lower by 61.5% at $2.50 on the last check Tuesday.