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The Los Angeles-based firm, which named insider Matthias Aydt its new global CEO last week, said it intended to use the proceeds for working capital that include ramping up production, repayment of debt and potential merger opportunities.
Shares of the company, that has a market value of $45.75 million, dropped 20% to $1.94 in trading after closing at a record low of $2.46 on Tuesday.
Earlier this month, the company alleged there was a “coordinated effort” to undermine its valuation.
The firm battles a governance dispute with one of its largest shareholders, FF Top Holding and raised doubts about its ability to continue as a “going concern” last year. Its shares have dropped over 85% so far in 2023.
