Wearable Devices to sell 822,000 shares at $2.25 in registered direct offering

Wearable Devices (WLDS) has entered into a securities purchase agreement with a single institutional investor for the issuance and sale of 822,000 ordinary shares in a registered direct offering at a purchase price of $2.25 per ordinary share. In a concurrent private placement the Company also agreed to issue to the same investor warrants to purchase up to 822,000 of its ordinary shares. The Warrants will have an exercise price of $2.50 per ordinary share, will be exercisable from the date of issuance and will expire five years following the date of issuance. The gross proceeds from the Offerings, before deducting the placement agent’s fees and other offering expenses payable by the Company, are expected to be approximately $1.85 million, excluding any proceeds that may be received upon the exercise of the Warrants. The Company expects to use the net proceeds from the Offerings for working capital and general corporate purposes. A.G.P./Alliance Global Partners is acting as sole placement agent for the Offerings. The Offerings are expected to close on or about November 27, 2024, subject to the satisfaction of customary closing conditions.