Why KULR Technology Group Shares Are Down 27%

KULR Technology Group Inc KULR shares are trading lower by 27.5% to $0.21 Wednesday morning after the company priced an underwritten public offering of 4.5 million shares of its common stock at $0.20 per share.

The offering, exclusively from KULR, anticipates raising $900,000 before expenses. Additionally, there's an option for the underwriter to purchase up to 675,000 more shares at the same price within 30 days. The offering is expected to close on December 22.

KULR plans to use part of the proceeds to settle debts owed to Yorkville and for general corporate and operational purposes.

R.F. Lafferty & Co., Inc. is overseeing the offering as the sole book-running manager.

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According to data from Benzinga Pro, KULR has a 52-week high of $1.68 and a 52-week low of $0.26.