iOThree (IOTR) said Friday that it closed its initial public offering of 2.1 million shares sold at $4 per share.

Of the total, 1.65 million shares were sold by the company and 450,000 shares were sold by a selling shareholders. The aggregate gross proceeds from the offering were $8.4 million, including $6.6 million received by the company.

The company also granted the underwriters a 45-day option to purchase up to 247,500 shares to cover overallotments.

The maritime digital technologies provider said it plans to use the net proceeds for solution development to enhance its solution offerings for Jarviss, obtaining class approval for its range of digital applications, marketing, and for working capital and general corporate purposes.

The company shares debuted Thursday on the Nasdaq Capital Market, but were 4.5% down in Friday trading.