The manufacturing company will issue 16.1 million common shares or prefunded warrants at $3.30 per share or $3.29 per pre-funded warrant, it said.

NN will use net proceeds for the final redemption of its remaining series D preferred stock and towards its current and future growth.

Additionally, the company said its Q3 sales were at the highest levels in the last eight years, and it has secured about $130 million of annual new business over the last 12 months.

NN is also preparing to enter the cable assemblies segment with a new plant startup in Mexico, and said this product line will allow it to grow sales in data center, grid, medical, and defense & electronics markets.

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