- ENGlobal ( NASDAQ: ENG ) to raise $3.4M through a registered direct offering and concurrent private placement .
- The company has entered into a definitive agreement with a single institutional investor for the purchase and sale of 3,971,000 shares of its common stock, in a registered direct offering and warrants to purchase up to 3,971,000 shares of its common stock, in a concurrent private placement.
- The combined purchase price for one share and one warrant will be $0.85.
- The warrants will have an exercise price of $0.95, will be exercisable six months from the issuance date and will expire five years from the initial exercise date.
- The company intends to use the net proceeds for working capital and other general corporate purposes.
- The closing of the offering and the concurrent private placement is expected to occur on or about February 6, 2023.
For further details see:
ENGlobal announces $3.4M registered direct offering and concurrent private placement