VGFC - The Very Good Food Company to raise $6.5M in stock and warrants offering

The Very Good Food Company (NASDAQ:VGFC) is down 3.03% premarket on Tuesady after the firm has entered into a securities purchase agreement with an institutional investor for aggregate gross proceeds of ~$6.5M. The company will issue 32.5M units and equal no. of warrants at a purchase price of $0.20 per unit. Each warrant entitles the holder to acquire one share at an exercise price of $0.2582/share for a period five years from the issuance date. Net proceeds will be used by the company for general working capital purposes. Offering is expected to close on or about June 2, 2022.

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The Very Good Food Company to raise $6.5M in stock and warrants offering