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Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA) announced Friday that it has entered into an At Market Issuance Sales Agreement with Ladenburg Thalmann & Co. Inc. Under the agreement, Sonoma may offer and sell shares of its common stock through Ladenburg as agent, with a total aggregate offering price of up to $2,070,463. This capital raising effort comes as the stock has shown notable momentum, with a year-to-date return of nearly 51%. InvestingPro analysis reveals 8 additional key financial indicators that could impact this offering’s success.
According to the press release statement, Ladenburg will use commercially reasonable efforts to sell shares from time to time based on Sonoma’s instructions, including any price, time, or size limits set by the company. Sales may be conducted as “at the market” offerings under Rule 415 of the Securities Act of 1933 or through other methods permitted by law, including privately negotiated transactions. Ladenburg will receive a commission of 3% of the gross proceeds from each sale and will be reimbursed for certain expenses up to $40,000.
The agreement does not obligate Sonoma Pharmaceuticals to sell any shares, and there is no assurance that any shares will be sold, or if sold, at what price or in what amount. The agreement will terminate upon the earlier of the sale of all shares under the agreement or as otherwise provided in the agreement.
Sales under the agreement will be made pursuant to a registration statement on Form S-3, which was declared effective by the U.S. Securities and Exchange Commission on November 20, 2023, and a related prospectus supplement filed on Friday.
This information is based on a press release statement included in the company’s SEC filing.
In other recent news, Sonoma Pharmaceuticals has made significant strides with the launch of its diaper rash product in major U.S. retailers. The antimicrobial hydrogel, which utilizes the company’s patented Microcyn technology, is now available in 3,600 Walmart stores, on Amazon.com, and in several large grocery chains across the United States. This development marks a notable expansion in the company’s product distribution. Additionally, Sonoma Pharmaceuticals held its annual meeting of stockholders, where shareholders voted to elect Dr. Jay Birnbaum as a Class II director. The vote saw 123,034 shares in favor, with 19,478 shares withheld. These recent developments highlight the company’s progress in both product distribution and corporate governance.
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