Perfect Moment, Ltd. raised gross proceeeds ot $3 million before deducting underwriting discounts and offering expenses in a stock sale.
The London-based skiwear and activewear company reported that it sold 10 million shares for $0.30 a share. In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 1.5 million shares to cover over-allotments
Perfect Moment intends to use the net proceeds from the offering primarily for repayment of debt, working capital and general corporate purposes.
ThinkEquity is acting as the sole book-running manager for the offering.
Perfect Moment in mid-June reported that it expects to deliver a 2.6 percent increase in revenue to $5.0 million in the fiscal fourth quarter ended March 31. For the full fiscal year, the company expects revenue o decline 12 percent to $21.4 million.
Excluding the Hugo Boss collaboration, which ended in fiscal 2024, Perfect Moment reported that revenue rose an estimated 1 percent year-over-year.
Image courtesy Perfect Moment x Hugo Boss
