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Dogness (International) Corporation Announces Entry into Agreement for Registered Direct Offering of Approximately $12 Million Class A Common Shares and Warrants
DONGGUAN, China, June 1, 2022 /PRNewswire/ -- Dogness (International) Corporation ("Dogness" or the "Company") (NASDAQ: DOGZ), a developer and manufacturer of
About this update from Dogness (international) Corporation
[{"type":"text","content":"DONGGUAN, China, June 1, 2022 /PRNewswire/ -- Dogness (International) Corporation (\"Dogness\" or the \"Company\") (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced that it has entered into a securities purchase agreement with certain institutional investors for a registered direct offering of approximately $12 million of Class A common shares and warrants at a price of $3.30 per unit. The units will consist of 1 Class A common share and 0.6 warrants to purchase 1 Class A common share. The units will not trade and will separate into Class A common shares and warrants. The Company will issue (i) an aggregate of 3,636,365 Class A common shares and (ii) warrants to purchase an aggregate of 2,181,819 Class A common shares to the investors. The warrants are initially exercisable at $4.20 per share and have a term of 36 months. The aggregate gross proceeds from the sale of the securities, before deducting fees payable to the placement agent and other estimated offering expenses payable by the Company will be approximately $12 million. This amount does not include any proceeds from the exercise of the warrants being offered.\n\n \n \n \n \n \n \n\n \nThe net proceeds from this offering will be used for general corporate and working capital purposes. The completion of the placement is expected to occur on or about June 3, 2022, subject to the satisfaction of customary closing conditions.\nThese securities are being offered through a prospectus supplement pursuant to the Company's effective shelf registration statement on Form F-3 (SEC File No. 333-229505) and base prospectus contained therein. A shelf registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission (the \"SEC\") on February 13, 2019. A prospectus supplement related to the offering will be filed with the SEC.\nFT Global Capital, Inc. acted as the exclusive placement agent in connection with the offering.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the secu...