Nogin Inc. shares were down 62% to $2.49 after the company said it priced a “reasonable best efforts” public offering of 7.3 million common shares and 7.3 million warrants at a combined price of $3 a share and warrant.
The company said it expects to see proceeds of $22 million, before deducting placement agent fees and other offering expenses.
The offering includes participation from members of the management team and board of directors, as well as other insiders and holders of the convertible notes.
Nogin shares closed Monday’s session up 140%, but are down 99% in the past 12 months.
The closing of the offering is expected to occur on or about Thursday.