Business
TOMI Environmental Announces $5.0 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules
FREDERICK, Md., Sept. 27, 2021 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (the “Company”) (NASDAQ: TOMZ), a global company specializing in
About this update from Tomi Environmental Solutions, Inc.
[{"type":"text","content":"FREDERICK, Md., Sept. 27, 2021 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (the “Company”) (NASDAQ: TOMZ), a global company specializing in disinfection and decontamination, today announced that it has entered into definitive agreements with several institutional investors for the issuance and sale of 2,869,442 shares of its common stock in a registered direct offering priced at-the-market under Nasdaq rules. Additionally, the Company has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 1,434,721 shares of common stock in a concurrent private placement. The combined purchase price for one share of common stock and a warrant to purchase one half of one share of common stock is $1.7425. The warrants have an exercise price of $1.68 per share and are exercisable immediately upon issuance for a period of five years. The closing of the offering is expected to occur on or about September 29, 2021, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from the offering are expected to be approximately $5.0 million. The Company currently intends to use the net proceeds from the offering for sales and marketing expenses associated with the Company’s products, advertising, purchase of inventory and other general corporate purposes. The shares of common stock described above (but not the warrants or the shares of common stock underlying the warrants) are being offered and sold by the Company in a registered direct offering pursuant to a \"shelf\" registration statement on Form S-3 (Registration No. 333-249850), including an accompanying prospectus previously filed with the Securities and Exchange Commission (the \"SEC\") on November 4, 2020 and declared effective by the SEC on November 13, 2020. The offering of the shares of common stock will be made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the offering of the shares of common stock will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement and the accompanying prospectus, when available, may also be obtained...