NEW YORK (TheStreet) -- NTN Buzztime (NTN - Get Report) is sinking on Friday after pricing its previously-announced public offering.

By midafternoon, the stock had taken off 15.9% to 66 cents.

The bar and restaurant marketing company said it had priced its 11.1-million share offering at 55 cents a share with gross proceeds totaling around $6.1 million.

Underwriters have also been granted a 30-day overallotment option to purchase up to an additional 1.665 million shares of common stock.

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After underwriting discount and offering expenses, the Carlsbad, Calif.-based company expects to receive net proceeds of around $5.5 million.

In a statement, the company said it intends to use net proceeds for "general corporate purposes, which may include working capital, general and administrative expenses, capital expenditures and implementation of our strategic priorities."

Depending on customary closing conditions, the offering is expected to be finalized on April 16.

Roth Capital Partners will act as sole book-running manager on the offering.

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