Dogness Raises $12M Via Equity Offering

Dogness Corp DOGZ has entered into a securities purchase agreement with certain institutional investors for a registered direct offering of about $12 million of Class A common shares and warrants at $3.30 per unit.
The units will consist of one common share and 0.6 warrants to purchase one common share.
The company will issue 3.6 million shares and warrants to purchase an aggregate of 2.2 million shares to the investors.
The warrants are initially exercisable at $4.20 per share and have a term of 36 months.
Dogness intends to use the proceeds for general corporate and working capital purposes. The placement is expected to close on June 3, 2022.
Price Action: DOGZ shares are trading lower by 23.5% at $3.06 on the last check Wednesday.