BOCA RATON - (NewMediaWire) - July 15, 2021 - Grom Social Enterprises, Inc. (NASDAQ: GROM) (“Grom”, the “Company”), asocial media platform and original content provider for children under the ageof 13, today announced that the underwriters of its previously completed publicoffering have exercised the remainder of their over-allotment option topurchase an additional 361,445 shares. The 45-day over-allotment option wasgranted in connection with the Company’s previously announced underwrittenpublic offering of 2,409,639 units at a public offering price of $4.15 per unit. After giving effect to the full exercise ofthe over-allotment option, the total number of units sold by the Company in theoffering increased to 2,711,084 units, resulting in aggregate gross proceeds ofapproximately $11.5 million prior to deducting underwriting discounts,commissions, and other offering expenses. Each unit issued in the offering was comprisedof one share of common stock and one warrant to purchase one share of commonstock. Each warrant is exercisable for one share of common stock at an exerciseprice of $4.565 per share and will expire five years from issuance.
EFHutton, division of Benchmark Investments, LLC, acted as sole book-runningmanager and Revere Securities LLC acted as co-manager for the offering.
TheSecurities and Exchange Commission ("SEC") declared effective aregistration statement on Form S-1 (File No. 333-253154) relating to thesesecurities on June 16, 2021. A final prospectus relating to this offering wasfiled with the SEC on June 21, 2021. The offering was made only by means of aprospectus, copies of which may be obtained, when available, from: EF Hutton,division of Benchmark Investments LLC, 590 Madison Avenue, 39thFloor, New York, NY 10022, Attention: Syndicate Department, or via email atsyndicategroup@efhuttongroup.com or telephone at (212) 404-7002.
Thispress release shall not constitute an offer to sell or the solicitation of anoffer to buy any of the securities described herein, nor shall there be anysale of these securities in any state or jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration or qualificationunder the securities laws of any such state or jurisdiction.
AboutGrom Social Enterprises, Inc.
GromSocial Enterprises, Inc. is a social media platform and original contentprovider of entertainment for children under 13 years of age; providing safeand secure digital environments for kids that can be monitored by their parentsor guardians. The Company has several operating subsidiaries, including GromSocial, which delivers its content through mobile and desktop environments (webportal and apps) that entertain children, let them interact with friends,access relevant news, and play proprietary games, while teaching them about beinga good digital citizen. The Company owns and operates Top Draw Animation, Inc.,which produces award-winning animation content for some of the largestinternational media companies in the world. The Company also includes GromEducational Services, which has provided web filtering services for K-12schools, government and private business. For more information, please visitgromsocial.com.
Forward-LookingStatements
This press release may contain forward-lookingstatements about Grom Social Enterprises Inc.’s activities that are based oncurrent expectations, forecasts, and assumptions that involve risks anduncertainties that could cause actual outcomes and results to differ materiallyfrom those anticipated or expected, including statements related to the amountand timing of expected revenues, statements related to our financialperformance, expected income, distributions, and future growth for upcomingquarterly and annual periods, and other risks set forth in the Company'sfilings with the SEC, including our Annual Report on Form 10-K and ourQuarterly Reports on Form 10-Q. Actual results and the timing of certain eventscould differ materially from those projected in or contemplated by theforward-looking statements due to a number of factors. Among other matters, theCompany may not be able to sustain growth or achieve profitability based uponmany factors including, but not limited to general stock market conditions. Wehave incurred and will continue to incur significant expenses in the expansion ofour service lines, noting there is no assurance that we will generate enoughrevenues to offset those costs in both the near and long-term. Allforward-looking statements speak only as of the date of this press release. Weundertake no obligation to update any forward-looking statements or otherinformation contained herein. Stockholders and potential investors should notplace undue reliance on these forward-looking statements. Although we believethat our plans, intentions, and expectations reflected in or suggested by theforward-looking statements in this press release are reasonable, we cannotassure shareholders and potential investors that these plans, intentions orexpectations will be achieved. Except to the extent required by law, weundertake no obligation to update or revise any forward-looking statements,whether as a result of new information, future events, a change in events,conditions, circumstances or assumptions underlying such statements, orotherwise.
Contact:
INVESTOR RELATIONS
(561) 287-5776
Investor Relations Contact:
TraDigital IR
John McNamara
+1-917-658-2602
john@tradigitalir.com