Why KULR Technology Group Shares Are Nosediving

KULR Technology Group Inc KULR shares are trading lower by 33.8% to $0.38 Wednesday morning after the company announced and priced its proposed public offering of common stock.

KULR Technology has priced its underwritten public offering of 7,142,857 shares of its common stock at a public offering price of 35 cents per share.

The company expects the gross proceeds from this offering to be approximately $2.5 million. The company has also granted the underwriters a 30-day option to purchase up to 1,071,428 additional shares of common stock.

KULR Technology expects to close the offering on September 15, subject to customary conditions. The company intends to use the net proceeds from the proposed offering to pay off certain amounts of the outstanding balance owed under its existing financing facility, as well as for working capital and general corporate purposes.

According to data from Benzinga Pro, KULR has a 52-week high of $2.22 and a 52-week low of $0.36.