Gaia hopes to raise $5M in stock sale

LOUISVILLE — Streaming video provider Gaia Inc. (Nasdaq: GAIA) seeks to raise about $5 million with a public offering of nearly 1.86 million shares of its stock. 

“The company intends to use the net proceeds from this offering for general corporate purposes, which may include additions to working capital, financing of capital expenditures, repayment of indebtedness, acquisitions and strategic investment opportunities,” Gaia said in a news release. 

The offering is expected to close on Thursday.

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Gaia’s stock has performed fairly well in 2023, up more than 12% year to date at the start of trading Tuesday. However, the company, which has faced criticism over the content of its videos, some of which have been accused of promoting conspiracy theories, laid off 36 full-time employees, or about 20% of its workforce, this spring amid legal troubles and regulatory scrutiny.