AYRO - Ayro sheds 17% after direct offering of 4.4M shares

Ayro (AYRO) falls after the company announces that it entered into agreements with several institutional and accredited investors for the sale of 4.4M shares at a purchase price of $9.50 per share.The offering is a registered direct offering priced at-the-market under Nasdaq rules.The closing of the offering is expected to occur on or about February 16. The gross proceeds to the company from this offering are expected to be approximately $41.8M, before deducting financial advisory fees and other offering expenses payable by the Company. Ayro intends to use the proceeds from the offering for working capital and general corporate purposes.Shares of Ayro are down 17.32% in early trading.Source: Press ReleaseAyro raised capital last month as well.

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Ayro sheds 17% after direct offering of 4.4M shares