IMBI - iMedia Brands prices $24M mixed securities offering

iMedia Brands (NASDAQ:IMBI) has priced its $24M mixed securities offering. The offering consists of 4,038,281 shares of its common stock priced at $3.07/share; pre-funded warrants to purchase 3,763,022 shares of the common stock priced at $3.0699/pre-funded warrant; and warrants to purchase 7,801,303 shares of the common stock, with a per share exercise price of $2.94. The warrants are only exercisable upon receipt of stockholder approval of an increase in the authorized shares of common stock, which the company will seek at its upcoming 2022 annual meeting. Gross proceeds to the company from this offering are expected to be ~$24M. Net proceeds will be used to pay off a certain amount of existing debt and for working capital and general corporate purposes. Offering is likely to close around May 16, 2022. The offering includes $1.95M from the company’s CEO Timothy Peterman, and Michael Friedman, Landel Hobbs and an affiliate Eyal Lalo,

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iMedia Brands prices $24M mixed securities offering