Wearable Devices plans for stock offering, size not disclosed; shares fall

Wearable Devices (NASDAQ:WLDS) said Wednesday it intends to offer and sell its shares in an underwritten public offering.

The net proceeds from the offering will be used for working capital.

The pricing terms and the number of shares to be offered were not disclosed.

The underwriter will also have a 45-day option to purchase up to 15% of additional ordinary shares to cover over-allotments, if any.

Aegis Capital is acting as the sole book-running manager for the offering.

Press Release.

Shares -22.11% at 71 cents afterhours.