Nautilus To Offer 4.09 Mln Shares At $1.22/shr

(RTTNews) - Nautilus, Inc. (NLS), a company focused on fitness equipment, said on Thursday that it has agreed with a certain institutional investor for the purchase and sale of 4.098 million shares at $1.22 per share.

Following the news, NLS was see trading down by 3.91 percent at $1.23 per share in the pre-market trading on the New York Stock Exchange.

The gross proceeds of around $5 million will utilized for general corporate purposes, the company said. The closing of the offering is expected on or about June 20.

In addition, concurrent to the private placement, NLS will issue warrants to purchase up to 4.098 million shares, with an exercise price of $1.35 per share.

Warrants will be exercisable six months following the date of issuance and will have a term of five and one-half years following the date of issuance.

Roth Capital Partners is serving as the exclusive placement agent for the offering.