Wearable Devices, a leading technology company specializing in AI-powered touchless sensing wearables, has unveiled details of its upcoming public offering, anticipating gross proceeds of approximately $2.0 million. The offering, structured as a firm commitment underwritten public issuance, will consist of 4,444,444 ordinary shares, each priced at $0.45 for public purchase. Following deductions for underwriting discounts and other associated expenses, the company expects to allocate the net proceeds towards bolstering working capital and supporting general corporate endeavors.
However, this announcement has taken a toll on the stock value of Wearable Devices Ltd., resulting in a significant downturn.
At the time of this publication, Wearable Devices Ltd stock (WLDS) has witnessed a decline.
Wearable Devices Ltd
Current Price: $0.41
Change : -0.51
Change (%): (-55.01%)
Volume: 2.2M
Source: Tomorrow Events Market Data
As part of the offering, Wearable Devices has also granted Aegis Capital Corp an option, valid for 45 days, to procure additional ordinary shares amounting to 15% of the total number sold in the public offering. This option is intended to address any potential over-allotments.
The slated closing date for the offering is November 13, 2023, contingent upon the fulfillment of customary closing conditions. Aegis Capital Corp. will act as the exclusive book-running manager for the duration of the offering.
This offering adheres to an effective shelf registration statement on Form F-3 (No. 333-274841) that was greenlit by the U.S. Securities and Exchange Commission (SEC) on October 18, 2023.
In terms of stock performance, Wearable Devices has experienced a notable decline over various time frames:
– Over the past 5 days, stock value plummeted by 31.36%.
– Looking at the month-long picture, the decline stands at 36.94%.
– Over a 3-month period, the stock registered a substantial drop of 64.15%.
– Year-to-date performance indicates a decrease of 3.90%.
– Over the course of the past year, the stock value has decreased by 34.46%.
These figures provide a snapshot of the challenges faced by Wearable Devices in the current market landscape. The success of the upcoming public offering could play a pivotal role in reshaping the company’s financial trajectory.
