Neptune Wellness Solutions Inc (NASDAQ:NEPT) shares are trading lower by 10% to $1.45 Monday morning on downward momentum after the company last week announced pricing of a $4.5 million public offering of 1.8 million shares at $2.50 per share.

Neptune Wellness Solutions says the closing of the offering is expected to occur on or about September 26, subject to the satisfaction of customary closing conditions.

The company says it plans to use the proceeds of the offering for working capital, including for payment of accounts payable due to suppliers.

According to data from Benzinga Pro, NEPT has a 52-week high of $76.80 and a 52-week low of $1.45.