Nautilus, Inc. entered into a definitive securities purchase agreement with a certain institutional investor for the purchase and sale of 4.1 million shares of the company’s common stock at a purchase price of $1.22 per share.
The closing of the offering is expected to occur on or about June 20, 2023, subject to the satisfaction of customary closing conditions.
In addition, in a concurrent private placement, the company will issue to the investor warrants to purchase up to 4.1 million shares of common stock. The warrants have an exercise price of $1.35 per share, will be exercisable six months following the date of issuance and will have a term of five and one-half years following the date of issuance.
Roth Capital Partners is acting as the exclusive placement agent for the offering.
The gross proceeds to the company from this offering are expected to be approximately $5 million, before deducting the placement agent’s fees and other offering expenses payable by the company. The company intends to use the net proceeds from this offering for general corporate purposes.
