Business
Digital Brands Group, Inc. Announces Pricing of $10 Million Public Offering
AUSTIN, Texas, Nov. 29, 2022 /PRNewswire/ -- Digital Brands Group, Inc. ("Digital Brands" or the "Company") (Nasdaq: DBGI), a curated collection of luxury
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, Texas, Nov. 29, 2022 /PRNewswire/ -- Digital Brands Group, Inc. (\"Digital Brands\" or the \"Company\") (Nasdaq: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announced the pricing of a public offering of up to 168,000 shares of its common stock (or pre-funded warrants in lieu thereof), Class B Warrants to purchase up to 1,818,182 shares of its common stock (\"Class B Warrants\"), and Class C Warrants to purchase up to 1,818,182 shares of its common stock (\"Class C Warrants\", together with the Class B Warrants, collectively the \"Warrants\"), at an offering price to the public of $5.50 per share (or pre-funded warrant in lieu thereof) and associated Warrants. The Class B Warrants will have an exercise price of $5.25 per share, are exercisable immediately upon issuance, and will expire five years following the date of issuance. The Class C Warrants will have an exercise price of $5.25 per share, are exercisable immediately upon issuance, and will expire thirteen months following the date of issuance. The closing of the offering is expected to occur on or about December 1, 2022, subject to the satisfaction of customary closing conditions.\nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.\nThe gross proceeds to the Company from the offering are expected to be approximately $10 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to fund a portion of the cash purchase price of its Sundry acquisition, to repay outstanding promissory notes, for the payment under a settlement agreement with the former owners of H&J and the remaining balance for general corporate purposes.\nThe securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-268213) originally filed with the Securities and Exchange Commission (\"SEC\") on November 7, 2022 and became effective on November 29, 2022. The public offering is being made only by means of a prospectus, which forms a part of the effective registration statement. When available, electronic copies of the final prospectus may be obtained for free on the SEC's website located at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 P...