Business
Digital Brands Group, Inc. Announces Closing of $9,347,450 Underwritten Public Offering
AUSTIN, Texas, May 10, 2022 /PRNewswire/ -- Digital Brands Group, Inc., a Delaware corporation ("Digital Brands" or the "Company") (NASDAQ: DBGI), a curated
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, Texas, May 10, 2022 /PRNewswire/ -- Digital Brands Group, Inc., a Delaware corporation (\"Digital Brands\" or the \"Company\") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announced the closing of its underwritten public offering of 37,389,800 shares of its common stock, $0.0001 par value per share, at a public offering price of $0.25 per share. In addition, the Company has granted the underwriters a 45-day option to purchase up to 5,608,470 additional shares of common stock at the public offering price per share, less underwriting discounts, and commissions, to cover over-allotments, if any.\nThe gross proceeds from the offering to Digital Brands, before deducting underwriting discounts and commissions and other offering expenses payable by Digital Brands, are expected to be $9,347,450, excluding any exercise of the underwriters' option to purchase additional shares.\nThe Company intends to use the net proceeds from this offering for working capital and general corporate purposes, including the repayment of promissory notes in the principal amount of $3,068,750.\nAlexander Capital, L.P. is acting as sole book-running manager and Revere Securities, LLC is acting as co-manager for the offering.\nThe Securities and Exchange Commission (\"SEC\") declared effective a registration statement on Form S-1 (File No. 333-264347) relating to these securities on May 5, 2022 and a related registration statement on Form S-1 (File No. 333- 264775) was filed pursuant to Rule 462(b) under the Securities Act, as amended, on May 6, 2022. A final prospectus relating to this offering was filed with the SEC on May 9, 2022 and is available on the SEC's website at www.sec.gov. The offering is being made only by means of a prospectus, which forms part of the Registration Statement, copies of which may be obtained from Alexander Capital, L.P., 17 State Street 5th Floor, New York, NY 10004, Attention: Equity Capital Markets, or by calling (212) 687-5650 or emailing [email protected].\nAll investments involve risk and loss of principal is possible.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registratio...