IPOS - Grom Social Enterprises Inc. Announces Pricing of $3.0 Million Public Offering | Benzinga
BOCA RATON, Fla., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc. (NASDAQ:GROM, GROMW)) (the "Company"), today announced the pricing of a public offering of 946,000 units (the "Units") at a price to the public of $3.00 per Unit and approximately 54,000 pre-funded units (the "Pre-Funded Units") at a price to the public of $2.999 per Pre-Funded Unit. Each Unit consists 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 will 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 consists 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 Unit. The purchase price of each Pre-Funded Unit is equal to the price per Unit being sold to the public in this offering, minus $0.001, and the exercise price of each Pre-Funded Warrant is $0.001 per share. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. The closing of the offering is expected to occur on or about September 12, 2023, subject to the satisfaction of customary closing conditions.
EF Hutton, division of Benchmark Investments, LLC ("EF Hutton") is acting as the sole book running manager for the offering. Lucosky Brookman LLP is acting as legal counsel to the Company and Carmel, Milazzo & Feil LLP is acting as legal counsel to EF Hutton.
The gross proceeds to the Company from the offering are expected to be approximately $3.0 million, before deducting underwriter fees and other offering expenses payable by the Company. The Company intends to use the net ...