DarioHealth Corp. priced an offering of its common shares and pre-funded warrants to raise about $7.2 million gross proceeds.

The New York-based digital therapeutics company is selling 4,855,341 common shares at 60 cents apiece, while the pre-funded warrants to buy 7,175,525 common shares are being offered for 59.9 cents each. The pre-funded warrants are immediately exercisable for 1 cent apiece.

Closing of the offering is expected to occur May 24, subject to customary closing conditions.

Net proceeds, which are expected to be about $6.8 million, will be used for the commercialization efforts of DarioHealth's products, such as increased marketing or production expenses, as well as for general working capital purposes.

Craig-Hallum Capital Group is acting as sole managing underwriter for the offering.