Damon Prices 126.90 Mln Units Of Public Offering At $0.13/unit

(RTTNews) - Two-wheel technology company Damon Inc. (DMN) revealed that it priced the public offering of 126.9 million units at $0.13 per unit.

Each unit has one common share and one Series A warrant to purchase one common share.

Damon also has granted the underwriters a 45-day option to buy up to an additional 19.04 million shares and 19.04 Series A warrants to cover over-allotments at the public offering price, less the underwriting discount, the company said in a statement. The Company anticipates gross proceeds of $16.5 million from this offering, which will be used for working capital requirements, general corporate purposes including research and development, and marketing of products.

The offering is expected to close on March 21.

The company said that Maxim Group LLC is the sole book-runner in connection with the offering.