Benzinga | Sep 13, 2021 07:58AM EDT

Farmmi Announces 368,261,717 Share Public Offering To Be Priced At $0.22/Share

Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ:FAMI), an agriculture products supplier in China, today announced the pricing of an underwritten public offering of ordinary shares and pre-funded warrants to purchase ordinary shares ("Offering"), with gross proceeds to the Company expected to be approximately $81 million, before deducting underwriting discounts and commissions and other estimated expenses payable by the Company. The Offering equates to 368,261,717 of the Company's ordinary shares at a price of $0.22 per share. The pre-funded warrants shall be offered at the same price per share as the ordinary shares, less the $0.0001 per share exercise price of each pre-funded warrant. The Company intends to use the net proceeds from this Offering for general corporate and working capital needs and capital expenditures. The ordinary shares are trading on The Nasdaq Capital Market under the symbol "FAMI". The closing of the Offering is expected to occur on September 15, 2021, subject to customary closing conditions.