Business
Stran & Company, Inc. Announces Closing of $20.7 Million Initial Public Offering and Full Exercise of Underwriter’s Over-Allotment Option
Quincy, MA , Nov. 12, 2021 (GLOBE NEWSWIRE) -- Stran & Company, Inc. ("Stran" or the "Company") (NASDAQ: STRN) (NASDAQ: STRNW), a leading outsourced marketing
About this update from Stran & Company, Inc.
[{"type":"text","content":"Quincy, MA , Nov. 12, 2021 (GLOBE NEWSWIRE) -- Stran & Company, Inc. (\"Stran\" or the \"Company\") (NASDAQ: STRN) (NASDAQ: STRNW), a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today announced the closing of its initial public offering of 4,987,951 units, which included the full exercise of the underwriter’s over-allotment option, at a public offering price of $4.15 per unit, for aggregate gross proceeds of approximately $20.7 million, prior to deducting underwriting discounts, commissions, and other offering expenses. Each unit consists of one share of common stock (the “Common Stock”) and a warrant (the “Warrants”) to purchase one share of Common Stock. Each Warrant permits the holder to purchase one share of common stock at an exercise price of $5.1875 and expires after five years after the date of issuance. The Company’s Common Stock and Warrants began trading on the Nasdaq Capital Market November 9, 2021 under the symbols “STRN” and “STRNW”, respectively. EF Hutton, division of Benchmark Investments, LLC, acted as lead book-running manager for the offering. US Tiger Securities, Inc. acted as joint book-running manager. A registration statement on Form S-1, as amended (File No. 333-260109), was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on November 8, 2021, and a registration statement on Form S-1MEF (File No. 333-260880), was filed with the SEC on the same date and became effective upon filing. A final prospectus relating to the offering was filed with the SEC on November 10, 2021 and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at [email protected] or telephone at (212) 404-7002. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 registration or qualification under the securities laws of any such state or j...