Forza X1 Inc (NASDAQ:FRZA) shares are trading lower by 41% on a week-to-date basis after the company on Monday announced an $8 million public offering.
Furthermore, Forza has provided the underwriters with a 45-day option to acquire an extra 800,100 shares of common stock, at the public offering price minus the underwriting discount, to address potential over-allotments.
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The anticipated closing date for the offering is June 14, pending the fulfillment of standard closing requirements.
The funds generated from this offering will be allocated towards the expansion of Forza’s manufacturing facility, as well as for working capital and general corporate needs.
According to data from Benzinga Pro, FRZA has a 52-week high of $15.00 and a 52-week low of $1.06.
