SeaStar Medical ( NASDAQ: ICU ) said it is looking to raise ~$10 million through the issuance and sale of an aggregate of 947.9K shares at $10.55 apiece in a direct offering.

Shares slumped 25.5% in premarket trade. The offering is at a discount of ~18% to the firm's last closing price on Tuesday.

Additionally, it will issue and sell unregistered warrants to purchase up to 947.9K shares of common stock. The warrants will have an exercise price of $10.

55 per share. The company intends to use the net proceeds for general corporate purposes, which may include additions to working capital and capital expenditures. More on SeaStar Medical Holding SeaStar Medical drops 4%, announces secondary offering Seeking Alpha’s Quant Rating on SeaStar Medical Holding Historical earnings data for SeaStar Medical Holding Financial information for SeaStar Medical Holding.