Benzinga | Jul 19, 2021 11:49AM EDT

Data Storage Proposes To Raise $8.3M Via Institutional Equity Sale

* Data Storage Corp (NASDAQ:DTST) agreed to sell 1.375 million shares at $6.04 per share to raise $8.3 million in a secondary institutional offering.

* The $6.04 is the combined purchase price for one share of common stock and 0.75 warrants, which signifies a 1.7% premium to the company's Friday closing price of $5.94.

* The offering also includes five-year warrants to purchase 1 million shares.

* The warrant exercise price is $6.15 per share.

* Maxim Group LLC is the sole placement agent for the offering.

* The company did not disclose the purpose behind the offering.

* Price action: DTST shares traded lower by 25.3% at $4.44 on the last check Monday.