Perfect Moment has closed its public offering of 10 million shares of common stock at $0.30 per share. The skiwear producer has in addition granted the underwriters a 45-day option to purchase another 1.5 million shares, to cover any over-allotments.

The offering is expected to generate gross proceeds of $3 million. The estimated net proceeds are approximately $2.5 million, which, according to the company, could increase to approximately $2.95 million if the over-allotment option is exercised in full.

Perfect Moment intends to use about $502,000 of the net to pay down debt and the rest for working capital and “general corporate purposes.”

The prospectus detailing all this is on file at the website of the US Securities and Exchange Commission (SEC).

Parallel to that Perfect Moment announced the successful opening of its new European warehouse and distribution hub in the Netherlands. According to the company this marks a major milestone in its global logistics transformation.

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