The offer price represents a 51.9% discount to Forza’s closing price on June 9, 2023.

The gross proceeds from the offering are expected to be approximately $8 million.

The company intends to use the proceeds to develop its manufacturing facility, as well as for working capital and general corporate purposes.

Also, Forza has granted the underwriters a 45-day option to purchase up to an additional 800,100 shares at the public offering price. The offering is expected to close on June 14, 2023.

Price Action: FRZA shares are trading lower by 47.7% at $1.63 on the last check Monday.