Ree Automotive prices 2M shares at $6.50 in public offering

REE Automotive announced the pricing of an underwritten public offering of 2,000,000 Class A ordinary shares. Each ordinary share is being sold at a public offering price of $6.50 per share. The Company has granted the underwriter a 20-day option to purchase up to an additional 300,000 ordinary shares sold in the offering to cover over-allotments, if any. Roth Capital Partners is acting as sole book-running manager for the offering. The offering is expected to close on March 5, 2024. REE intends to use the net proceeds from the offering primarily for working capital and general corporate purposes, including continued product development and commercialization.