Shares of American Apparel Inc. dropped another 14 percent on Wednesday after the apparel company priced a dilutive sale of common shares 9 cents below Tuesday’s closing price.

Shares fell 22 percent Tuesday after the apparel company announced the underwritten public offering of $30.5 million worth of shares. The downtown Los Angeles manufacturer and retailer has been working with advisers to restructure debt and find other financing alternatives. Net proceeds from the stock sale primarily will be used to make a cash interest payment on senior secured notes due next month, and for general corporate purposes.

Earlier this month the company warned that it would be late filing its year-end report with the Securities and Exchange Commission because it needed to focus on its financial issues and maintaining its listing on small-cap NYSE Mkt.

Before news of the sale, American Apparel had more than 110 shares outstanding and an $83 million market cap, which fell to $69.9 million on Tuesday.

Shares on Wednesday closed down 8 cents to 51 cents on the NYSE Mkt.