DOGZ - Dogness slumps 22% on $12M direct offering

Dogness (NASDAQ:DOGZ) enters into a securities purchase agreement with certain institutional investors for a registered direct offering of ~$12M shares and warrants at a price of $3.30 per unit.  The company will issue (i) an aggregate of 3.64M Class A common shares and (ii) warrants to purchase an aggregate of 2,181,819 class A common shares to the investors. Aggregate gross proceeds from the sale of the securities will be ~$12M.  Proceeds will be used for general corporate and working capital purposes. Completion of the placement is expected to occur on or about June 3, 2022. Stock drops 22% pre-market

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Dogness slumps 22% on $12M direct offering