Milestone Scientific Inc. priced an underwritten public offering to raise $3 million in gross proceeds.
The issue involves 2 million shares at $1.50 apiece bundled with warrants to purchase another 1.5 million shares of the company.
The warrants are exercisable at $2.55 apiece and mature three years from the date of issue.
Underwriters have an option to purchase up to an additional 300,000 shares and 225,000 warrants of the company.
The issue is expected to close Dec. 21 with Maxim Group LLC acting as the sole book-running manager.