DBGI - Digital Brands Group stock slides after pricing $5M securities offering
- Digital Brands Group ( NASDAQ: DBGI ) shares fell ~9% premarket after the company priced its $5M securities offering priced at-the-market under Nasdaq rules.
- The offering comprises 1,277,140 shares of common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to 1,277,140 shares of common stock, issued at $3.915 per share (or pre-funded warrant) and accompanying warrant.
- The warrants are exercisable immediately upon issuance, have a term of five years and an exercise price of $3.80/share.
- Gross proceeds from the offering are expected to be ~$5M; net proceeds will be used for working capital purposes.
- The offering is expected to close on or about January 13, 2023, subject to the satisfaction of customary closing conditions.
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Digital Brands Group stock slides after pricing $5M securities offering