SenesTech Inc (NASDAQ:SNES) shares are trading lower by 36% to $1.18 Tuesday morning after the company priced a public offering of around 3.8 million shares of common stock at $1.30 per share, alongside warrants for additional shares.
SenesTech shares were otherwise trading higher during Monday’s after-hours session after the company announced the launch of Evolve Soft Bait at Ace Hardware franchise locations in California.
What Else?
Expected gross proceeds are approximately $5.0 million, with plans to use the funds for general corporate purposes including research, development, and potential acquisitions.
The offering is set to close around November 30, subject to standard conditions, with H.C. Wainwright & Co. acting as the exclusive placement agent.
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According to data from Benzinga Pro, SNES has a 52-week high of $80.98 and a 52-week low of $1.75.
