Scientific Danimer (NYSE:DNMR) said it has entered into agreements to buy and sell 15 million shares of its stock in a direct offering at a purchase price of $1.00 per share for gross proceeds of $15 million.
The agreements also provide for the release of warrants the purchase of up to an aggregate of 15 million shares of common stock in a registered direct offering.
The company added that the warrants will have an exercise price of $1.33 per share, exercisable beginning six months from the date of issuance, and will expire five and a half years from the date of issuance.
The closing of the offering is expected to occur on or about March 25, 2024.
The company said it intends to use the net proceeds from the offering for working capital and general corporate purposes.