GROMW - Grom Social Enterprises Inc. Announces Closing of $3.0 Million Public Offering | Benzinga
BOCA RATON, Fla., Sept. 12, 2023 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc. (NASDAQ:GROM, GROMW)) (the "Company"), today closed its previously announced underwritten public offering of 946,000 units (the "Units") at a price to the public of $3.00 per Unit and 54,000 pre-funded units (the "Pre-Funded Units") at a price to the public of $2.999 per Pre-Funded Unit for aggregate gross proceeds of approximately $3.0 million, prior to deducting underwriting discounts, commissions, and other estimated offering expenses. Each Unit consisted of one share of common stock, one Series A warrant to purchase one share of common stock and one Series B warrant to purchase one share of common stock (the Series A and Series B warrants together the "Warrants"). The Warrants have an exercise price of $3.00 per share, are exercisable immediately upon issuance, and will expire five (5) years following the date of issuance. Each Pre-Funded Unit consisted of one pre-funded warrant exercisable for one share of common stock (the "Pre-Funded Warrants"), one Series A Warrant and one Series B Warrant, identical to the Warrants in the Units. The purchase price of each Pre-Funded Unit is equal to the price per Unit being sold to the public in the offering, minus $0.001, and the exercise price of each Pre-Funded Warrant is $0.001 per share. The Pre-Funded Warrants are immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full.
In addition, the Company granted the underwriters a 45-day option to purchase up to an additional 150,000 shares of common stock and/or Pre-funded Warrants to purchase up to 150,000 shares of Common Stock and/or Series A Warrants to purchase up to 150,000 shares of common stock and/or Series B Warrants to purchase up to 150,000 shares of common stock, solely to cover over-allotments, if any, less underwriting discounts and commissions. On September 8, 2023, the underwriters exercised the option to purchase an additional 150,000 Series A Warrants and 150,000 Series B Warrants.
The Company intends to use the net proceeds from this offering for working capital ...