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Exoskeleton technology firm Ekso Bionics (Nasdaq: EKSO) shares are trading lower on Tuesday after the company announced it has increased the size of the previously announced public offering to 3.9 million common shares from 975,610 shares of Ekso common stock due to demand.

The shares are priced at $10.25 with the gross proceeds expected to be approximately $40 million. The price represents around a 28% discount on the last close price of $13.07 on Monday.

Ekso Bionics has also granted the underwriters 30-day option to purchase up to an additional 585,366 shares of common stock at the public offering price. H.C. Wainwright & Co is acting as the sole book-running manager for the offering.

The company expects to use the proceeds for working capital and other general corporate purposes, including repayment of debt, acquisitions, and other business opportunities.

The closing of the offering is expected on or around the 11th of February 2021.

Ekso Bionics shares fell over 20% premarket to $10.34, while they are now priced slightly lower at $10.24 following the open on Wall Street.

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