Benzinga | Jun 29, 2021 01:55PM EDT

Better Choice Raises $40M Via Equity At 32% Discount

* Better Choice Company Inc (NYSE:BTTR) has priced 8 million shares of common stock at $5.0 per share in a secondary public offering.

* The offer price represents a discount of 32.25% to Monday's split-adjusted closing price of $7.38. The company went for a 1-for-6 reverse stock split after uplisting on NYSE.

* The gross proceeds to Better Choice from the offering are expected to be about $40.0 million.

* The underwriters have 30 days to procure additional shares up to 1.2 million.

* Better Choice plans to use the net proceeds of this offering for general corporate purposes and may also choose to use it to acquire complementary technologies, products, or businesses.

* D.A. Davidson & Co. is acting as the sole book-running manager for the offering.

* Price action: BTTR shares are trading lower by 39.02% at $4.50 on the last check Tuesday.