Smith Micro Software Inc. is trading 36.7% down today at $2.88 after the company announced a financing deal that will dilute existing shareholders.
- The company entered into agreements with holders of existing warrants to raise approximately $1.6 million in gross proceeds.
- Holders were induced to exercise their warrants at a reduced price of $3.35 per share, down from the original $5.20.
- In exchange, the company will issue new warrants to purchase an equal number of shares at an exercise price of $3.80, which are exercisable immediately.