Why Know Labs (KNW) Stock Hit A New 52-Week Low Today

Know Labs Inc KNW shares are trading lower by 34% to $0.23 Wednesday morning after the company announced pricing of a $7 million public offering of common stock.

The offering is expected to close on or about September 29, subject to customary closing conditions.

The company says it intends to use the net proceeds from the offering for product development, clinical studies, general and administrative expenses, intellectual property and working capital.

Per Wednesday's SEC filing, The Benchmark Company, LLC and Boustead Securities, LLC are acting as joint bookrunning managers for the offering.

According to data from Benzinga Pro, KNW has a 52-week high of $2.04 and a 52-week low of $0.23.