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ESS Tech Reports $3.2 Million Registered Direct Offering

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ESS Tech (GWH) said Thursday it has struck a deal to sell 6.4 million shares at $0.50 apiece to institutional investors, with Roth Capital Partners as placement agent.

The company said it will also issue warrants to purchase up to 12.8 million shares to the investors. The warrants have an exercise price of $0.50 per share.

ESS said it plans to use the net proceeds for corporate purposes and working capital. It expects to close the offering Aug. 21.

Shares were down over 12% in afternoon trading.

Price: $0.60, Change: $-0.09, Percent Change: -12.46%

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