Business
Kisses From Italy Secures $7.5 Million Standby Equity Commitment Agreement with MACRAB, LLC
Kisses From Italy Secures $7.5 Million Standby Equity Commitment Agreement with MACRAB, LLC.
About this update from Kisses From Italy Inc.
[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / November 30, 2021 / Kisses from Italy Inc. (OTCQB:KITL), a publicly listed U.S.-based company, restaurant chain operator, franchisor, and product distributor (the "Company"), is pleased to announce that it has entered into a $7,500,000 equity financing agreement with MACRAB, LLC ("MACRAB") ("Equity Line" or "Facility") under the terms of a Standby Equity Commitment Agreement (the "Investment Agreement"), as well as a registration rights agreement related thereto ("Registration Rights Agreement"). The $7,500,000 financing's term is a maximum duration of 24 months. Under the terms of the Registration Rights Agreement, a Form S-1 Registration Statement will be filed with the Securities & Exchange Commission ("SEC") to register the common shares that may be issued in connection with this Facility.Claudio Ferri, Co-CEO, CIO, and co-founder of Kisses From Italy stated, "This $7.5 million equity financing with the team at MACRAB provides us with strong capital backing to continue building and executing on our strategic plan. The capital backing, and equally important, our new alliance with MACRAB, continues to enable us to build on our momentum with the flexibility to bring in capital in an opportunistic manner." Ferri added, "getting to know the team at MACRAB has been an absolute pleasure. It is very beneficial to have a strategic partner on board that shares similar views of the enormous market potential and of our Company's primary goal of fundamentally and rapidly accelerating Kisses of Italy's footprint both domestically and internationally."Michele Di Turi, President, co-CEO, and co-founder of Kisses From Italy stated, "Being in this type of market space, we often get approached for various types of proposed structures and financing deals that are not always a good fit, but my partner Claudio and I are set on creating and putting in place the best possible structure for what is needed in the future to bring value to our shareholders. Our Company has many exciting opportunities available for growth, and with this capital in place, we believe that we are well-positioned for the future."The Equity Investment Agreement announcement follows the recent openings of two Kisses From Italy franchises. The first ...