Why Wearable Devices (WLDS) Stock Is Down Over 50%

Wearable Devices Ltd WLDS shares are trading lower by 54% to $0.43 Thursday morning after the company announced a public offering of 4,444,444 ordinary shares at a price of $0.45 per share.

What Else?

The offering aims to raise approximately $2.0 million in gross proceeds. The company plans to use the net proceeds for general corporate purposes and working capital.

Aegis Capital Corp. is the sole book-running manager for the offering, and they have a 45-day option to purchase additional shares to cover over-allotments.

The offering is expected to close on November 13, pending standard closing conditions.

See Also: AMC Stock Tumbles On $350M Offering

According to data from Benzinga Pro, WLDS has a 52-week high of $2.56 and a 52-week low of $0.39.