(RTTNews) - On Thursday, NFT Ltd. (MI), an electronic online platform for artists, announced the pricing of a direct offering of 1 million units at a price of $1.00 per units.

Each Unit includes one ordinary share and one common warrant to purchase one ordinary share. Investors may receive a pre-funded warrant instead of an ordinary share. The public offering price is $0.96 per pre-funded unit, with a $0.04 exercise price per pre-funded warrant. The offering is expected to raise approximately $1.0 million in gross proceeds before expenses and fees.

The company intends to use the net proceeds from the offering for the development, operation and expansion of its NFT artwork trading platform business and its AI robotics project, working capital and general corporate purpose.

Each common warrant is immediately exercisable at $1.00 per share and includes anti-dilution protections for certain corporate actions. The warrants will expire five years after issuance.

The offering is expected to close on October 9.

On the NYSE, the shares were trading 41.89 percent down at $0.8952.