U.S. biotechnology company Focus Universal announced that it has closed on the sale of 6,069,613 shares of its common stock for an aggregate purchase price of $10.6 million or $1.75 per share.

The company intends to use the net proceeds of this offering for business development, strategic acquisitions, and general corporate purposes.

Focus Universal said that it also plans to use the funds to expand the business around its patented IoT technology and aims to file an application to list its common stock on Nasdaq later this year.

On June 19, the company announced $8 million private placement of common stock.