Benzinga | Feb 17, 2021 09:18AM EST

MoSys Raises $7.4M Via Secondary Offering At 20% Discount

* MoSys, Inc. (NASDAQ: MOSY) priced 1.487 million shares at $5 per share to raise $7.4 million in a secondary offering. The offer price signifies a 20% discount on Tuesday's closing price.

* The offering proceeds will be utilized towards working capital, debt repayment, and general corporate requirements, and the offering is estimated to close by February 19, 2021.

* MoSys stock has gained 279% in the last six months.

* A net loss of $0.71 million during the third quarter of FY20 translated into a negative operating cash flow of $1.6 million in the nine months of FY20. The closing cash balance stood at $6.9 million.

* A.G.P./Alliance Global Partners is the placement agent for the offering.

* Price action: MOSY shares are down 12.3% at $5.49 in the pre-market session on the last check Wednesday.