cbdMD, Inc. announced on Thursday the pricing of an underwritten public offering of 500,000 shares.

The company said its 8% series A cumulative convertible preferred stock priced at $10 per share. cbdMD expects to receive $5 million in gross proceeds from the offering.

The closing of the offering is expected on Oct. 16 and the shares are expected to begin trading on the NYSE American LLC under the symbol “YCBDP” on Oct. 21.

cbdMD intends to use the net proceeds for working capital and other general corporate purposes. The company’s shares are trading at $3.48 per share on Friday, up 35 cents.