Better Choice Raises $40M Via Equity At 32% Discount

Better Choice Company Inc BTTR has priced 8 million shares of common stock at $5.0 per share in a secondary public offering.
The offer price represents a discount of 32.25% to Monday's split-adjusted closing price of $7.38. The company went for a 1-for-6 reverse stock split after uplisting on NYSE.
The gross proceeds to Better Choice from the offering are expected to be about $40.0 million.
The underwriters have 30 days to procure additional shares up to 1.2 million.
Better Choice plans to use the net proceeds of this offering for general corporate purposes and may also choose to use it to acquire complementary technologies, products, or businesses.
D.A. Davidson & Co. is acting as the sole book-running manager for the offering.
Price action: BTTR shares are trading lower by 39.02% at $4.50 on the last check Tuesday.