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Wearable Devices (WLDS) shares jumped 47% in early trading on Thursday and were among the top eight trending stocks on Stocktwits after the company announced the pricing of $4 million registered direct offering and concurrent private placement priced at the market under Nasdaq rules.

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The company said it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of one million ordinary shares at a purchase price of $4 per share in a registered direct offering priced.

Retail sentiment on Wearable Devices remained unchanged in the ‘extremely high’ territory, with message volumes at ‘extremely high’ levels, according to data from Stocktwits. The retail user message count on the stock jumped nearly 1,300% in the last 24 hours on Stocktwits.

The company said that, in addition, in a concurrent private placement, Wearable Devices will issue and sell unregistered warrants to purchase up to one million ordinary shares. The warrants will have an exercise price of $4 per share, will be exercisable immediately upon issuance and will expire five years following the initial exercise date.

Wearable Devices added that the closing of the offering is expected to occur on or about September 12. The company said it intends to use the net proceeds from the offering for working capital and general corporate purposes.

On Wednesday, Wearable Devices closed up nearly 408% after the company said that the United States Patent and Trademark Office had granted it a patent titled "Gesture and Voice-Controlled Interface Device.” This covers the integration of gesture recognition and voice control, enhanced by biometric authentication.

Shares of Wearable Devices declined 13% this year and have fallen about 70% in the last 12 months.

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