Farmmi, Inc. (NASDAQ: FAMI) announced the successful closing of its $3.0 million underwritten public offering, generating gross proceeds of approximately $3.0 million before underwriting discounts and offering expenses. The offering consisted of 7,000,000 Class A ordinary shares and pre-funded warrants to purchase up to 5,000,000 Class A ordinary shares, priced at $0.25 per share (or $0.24999 per pre-funded warrant). The Company also granted the underwriter a 45-day over-allotment option to purchase up to 1,800,000 additional Class A ordinary shares.
The Company intends to use the net proceeds for general corporate purposes and working capital. Aegis Capital Corp. acted as the sole book-running manager for the offering.
Lucosky Brookman LLP served as U.S. counsel to Aegis Capital Corp. in connection with the transaction.
