Gold sector still trails past peaks in market share and valuation: BofA
USBC, Inc. (NYSE:USBC), currently trading at $0.84 per share with a market capitalization of $286 million, announced Friday it has increased the amount available for sale under its existing at-the-market equity offering program to a total of $14.5 million. The company, formerly known as Know Labs, Inc., disclosed the change in a statement based on a filing with the Securities and Exchange Commission. According to InvestingPro data, USBC has experienced significant price volatility this year, with shares down nearly 88% year-to-date.
The program allows USBC to offer and sell shares of its common stock, par value $0.001 per share, from time to time through JonesTrading Institutional Services LLC as sales agent. The sales are made pursuant to the company’s effective shelf registration statement on Form S-3, which was initially filed for up to $18 million.
Since December 31, 2024, USBC has sold 1,708,124 shares under the agreement, generating gross proceeds of approximately $1,269,236. As of September 4, 2025, the company reported 384,234,130 shares of common stock outstanding. InvestingPro analysis indicates the company’s overall financial health score is weak at 1.26 out of 10, with particularly concerning metrics in profitability and price momentum.
There is no minimum amount required to be sold under the agreement, and the total number of shares and proceeds are not determinable at this time. USBC stated that net proceeds from any sales are expected to be used for general corporate purposes, including working capital and capital expenditures. The company’s management retains discretion over the application of the proceeds.
The offering is being made only by means of the prospectus supplement dated December 31, 2024, and an additional prospectus supplement filed Friday. USBC’s legal counsel, Holland & Hart LLP, provided an opinion on the legality of the issuance and sale of the shares, included as an exhibit to the filing.
This information is based on a press release statement and the company’s SEC filing.
In other recent news, Know Labs, Inc. announced that shareholders approved a significant amendment to the company’s Articles of Incorporation. This amendment increases the number of authorized shares of common stock from 7.5 million to 750 million, effective July 31, 2025. In a major development, Know Labs is set to be acquired by Goldeneye 1995 LLC, an affiliate of fintech investor Greg Kidd. The acquisition agreement involves purchasing a controlling interest in the company, with completion expected in the third quarter of 2025. Greg Kidd will take on the roles of Chief Executive Officer and Chairman of the Board of Directors once the transaction is finalized. The terms of the agreement include a formula based on 1,000 Bitcoin and additional cash to address existing debts, preferred equity redemption, and working capital, with a share purchase price of $0.335. These recent developments mark a significant shift in Know Labs’ corporate structure and leadership.
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