Business
Digital Brands Group Announces Conversion of All Remaining Pre-Funded Warrants, Removing Overhang of Shares
AUSTIN, Texas, Dec. 4, 2023 /PRNewswire/ -- Digital Brands Group, Inc. ("DBG") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands,
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, Texas, Dec. 4, 2023 /PRNewswire/ -- Digital Brands Group, Inc. (\"DBG\") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announced that all of the the remaining pre-funded warrants related to our August 2023 financing have been converted into common shares and exercised. As noted in the Company's most recent 10-Q, the total common shares outstanding are 857,859, which includes all of the pre-funded warrants.\n\nHil Davis, Chief Executive Officer of Digital Brands Group, said, \"The August funding associated with these pre-funded warrants provided the company with resources that we've used to continue to execute our growth strategy. We believe this removes a large overhang that has been associated with these unexercised pre-funded warrants. This August financing allowed us to stay in good standing with our Nasdaq listing. Based on our increasing revenue trends, driven by our Q1 wholesale bookings, coupled with the decline in our operating expenses, we expect to be ebitda neutral in the first quarter.\"\nForward-looking Statements\nCertain statements included in this release are \"forward-looking statements\" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting DBG and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as \"will,\" \"anticipate,\" \"estimate,\" \"expect,\" \"should,\" and \"may\" and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding DBG's plans, objectives, projections and expectations relating to DBG's operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. DBG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or ...