Benzinga | Jun 30, 2021 11:46AM EDT

ElectroCore Stock Dives On $18M Equity Raise Issued At Deep Discount Of 32%

* ElectroCore Inc (NASDAQ:ECOR) has priced underwritten public offering of 18 million shares at $1 per share, representing a discount of 32% from the last close price of $1.48 on Tuesday.

* The gross proceeds will be approximately $18 million.

* Underwriters have an option to purchase up to an additional 2.7 million shares.

* The offering will close by July 2.

* Ladenburg Thalmann & Co. Inc. is acting as the sole book-runner for the offering. Paulson Investment Company, LLC is acting as a co-manager for the offering.

* Proceeds will be used for sales and marketing of its gammaCore Sapphire non-invasive vagus nerve stimulation therapy, working capital, and general corporate purposes.

* The company recently announced a distribution agreement with Kromax International for gammaCore Sapphire in Taiwan and China.

* Price Action: ECOR shares are down 25.20% at $1.12 during the market session on the last check Wednesday.