Wearable Devices Enters Standby Equity Purchase Agreement With YA II PN For Up To $10M In Ordinary Shares
Portfolio Pulse from Benzinga Newsdesk
Wearable Devices has entered a standby equity purchase agreement with YA II PN for up to $10 million in ordinary shares. YA is committed to purchasing these shares over three years at a 3% discount of the lowest daily VWAP during a three-day period following an advance notice by the company.
June 07, 2024 | 12:06 pm
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Wearable Devices has secured a $10 million standby equity purchase agreement with YA II PN, allowing the company to sell shares at a 3% discount over the next three years. This provides financial flexibility but may lead to stock dilution.
The agreement provides Wearable Devices with up to $10 million in funding, which can be beneficial for growth and operations. However, the issuance of new shares at a discount may lead to stock dilution, which could impact existing shareholders.
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