Genasys Inc. (NASDAQ: GNSS) shares went downhill Thursday. The San Diego-based company, the leader in Protective Communications solutions, today announced the pricing of its previously announced underwritten public offering of 5,000,000 shares of its common stock at a public offering price of $2.00 per share of common stock, for gross proceeds of $10 million, before underwriting discounts and commissions and offering expenses. In addition, the Company has granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock at the public offering price per share of common stock, less the underwriting discounts and commissions. The offering is expected to close on or about October 2, 2023, subject to customary closing conditions.
Roth Capital Partners is acting as the sole book-running manager and Joseph Gunnar & Co., LLC is acting as co-manager for the offering.
The Company intends to use the net proceeds from the offering for general corporate purposes, including funding organic growth, working capital, capital expenditures, and continued research and development with respect to products and technologies, as well as costs related to post-closing integration with Genasys of the Evertel business and research and development activities related to the integrated business.
The company provides the Genasys Protect platform, the most comprehensive portfolio of preparedness, response, and analytics software and systems, as well as Genasys Long Range Acoustic Devices (LRAD®) that deliver directed, audible voice messages with intelligible vocal clarity from close range to 5,500 meters.
GNSS lost 68 cents, or 26.8%, to $1.88.