Wearable Devices (Nasdaq: WLDS) shares continued to power higher in early Thursday trading, surging 72% to about $9 after the provider of AI-powered touchless sensing wearables announced plans to raise about $4 million in an equity financing price at $4 per share.
The company said it intends to use the net proceeds from the offering for working capital and general corporate purposes.
Shares of Wearable Devices gained 408% gain on Wednesday after the company received a new US patent covering the integration of gesture recognition, voice control, and biometric authentication for touchless device interaction.
The company noted it believes the patent positions it to capture market share in consumer electronics and enterprise applications.
Wearable Devices also reported revenue of $294,000 for the first half of 2025, down from $394,000 during the same period last year.
Results, though, included initial sales of the company’s Mudra Link wristband, a universal gesture control device compatible with Android and other platforms.
Its net loss for the period decreased to $3.7 million from $4.2 million a year earlier due to reduced operating expenses.