Green Giant Inc (NASDAQ:GGE) shares are trading lower by 36% to $0.098 Tuesday morning after the company announced a securities purchase agreement to sell units totaling $5.95 million.
These units include common stock shares, Class A and Class B common warrants to purchase shares, and pre-funded units with respective warrants. The sale involves 35,000,000 units priced at $0.17 per unit.
The warrants have specific terms for exercise prices and conditions, with a provision for a shareholders' meeting to increase the authorized share capital.
Maxim Group LLC is the sole placement agent for this offering, which is expected to close around December 14, 2023, pending customary closing conditions.
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According to data from Benzinga Pro, GGE has a 52-week high of $3.30 and a 52-week low of $0.09.