Business
Asset Entities Completes $3 Million Series A Convertible Preferred Stock Transaction Receiving Additional Gross Proceeds of $1.5 Million
DALLAS, July 30, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or “the Company”) (NASDAQ: ASST), a provider of digital marketing and content
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[{"type":"text","content":"DALLAS, July 30, 2024 (GLOBE NEWSWIRE) -- Asset Entities Inc. (“Asset Entities” or “the Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services across Discord and other social media platforms, and a Ternary Payment Platform company, today announced it has completed the second closing of its financing transaction involving the sale of shares of the Company’s newly designated Series A Convertible Preferred Stock, $0.0001 par value per share, for gross proceeds of $1.5 million, from an institutional investor, for a total of $3.0 million from sales of the Series A Preferred Stock to the investor. This is the second closing of a transaction with the institutional investor. The first closing was held on May 24, 2024 in which the Company received gross proceeds of $1.5 million. Today’s second closing brings the total gross proceeds to $3.0 million. The shares of Series A Preferred Stock have an initial stated value of $10,000 per share, and are convertible into shares of the Company’s Class B Common Stock, $0.0001 par value per share, at an initial conversion price of $3.75, subject to alternate conversion prices which are at variable rates, and subject to other terms and conditions, as previously reported in current reports on Form 8-K filed by the Company with the Securities and Exchange Commission. Other details of the financing are contained in a current report on Form 8-K of the Company filed on or about the date hereof and available at www.sec.gov. “We are very excited about this transaction and believe it will provide us with adequate capital for general corporate purposes and to continue our overall strategies, including potential acquisitions, in the Discord and social media space,” said Arshia Sarkhani, President and Chief Executive Officer. About Asset Entities, Inc. Asset Entities Inc. is a technology company providing social media marketing, management, and content delivery across Discord, TikTok, Instagram, X (formerly Twitter), YouTube, and other social media platforms. Asset Entities is believed to be the first publicly traded Company based on the Discord platform, where it hosts some of Discord's largest social community-based education and entertainment servers. The Company's AE.360.DDM suite of services is believed to be the first of its kind for the Design, Development, and Management...