ENG - ENGlobal announces $3.4M registered direct offering and concurrent private placement

• ENGlobal ( NASDAQ: ENG ) to raise $3.4M through a registered direct offering and concurrent private placement .
• The company has entered into a definitive agreement with a single institutional investor for the purchase and sale of 3,971,000 shares of its common stock, in a registered direct offering and warrants to purchase up to 3,971,000 shares of its common stock, in a concurrent private placement.
• The combined purchase price for one share and one warrant will be $0.85.
• The warrants will have an exercise price of $0.95, will be exercisable six months from the issuance date and will expire five years from the initial exercise date.
• The company intends to use the net proceeds for working capital and other general corporate purposes.
• The closing of the offering and the concurrent private placement is expected to occur on or about February 6, 2023.

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