Tivic Health Systems Inc (NASDAQ:TIVC) shares are trading lower by 40% to $0.043 Monday morning after the company priced its $1.4 million public offering of 33.17 million shares at $0.041 per share.

The proceeds will be used for working capital and general corporate purposes. The offering is set to close around August 9, subject to standard conditions.

Maxim Group LLC is the sole placement agent for the offering.

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According to data from Benzinga Pro, TIVC has a 52-week high of $2.68 and a 52-week low of $0.042.