Digital Brands Group raises ~$5M in private placement; expects to regain Nasdaq compliance

Digital Brands Group, Inc.

Closed private placement of 513,875 shares/pre-funded warrants at $9.73/unit, plus Series A and B warrants at $9.43 exercise.
Gross proceeds of $5.0M; net proceeds for working capital and debt repayment.
Amended existing warrants on 196,542 shares; exercise price reduced to $9.43, expiry extended to 5.5 years.
Company believes it now satisfies Nasdaq's $2.5M stockholders' equity requirement, pending formal confirmation.
H.C. Wainwright acted as placement agent; fees include 7.5% cash fee and placement agent warrants for 38,541 shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Digital Brands Group, Inc. entered into Registration Rights Agreement with accredited investor valued at registration for resale of Securities (effective 2023-08-31).

Action: entry
Agreement: equity purchase
Counterparty: accredited investor
Value: registration for resale of Securities
Effective: 2023-08-31

Exact text from the filing

In connection with the Private Placement, the Company and the Investor entered into a Registration Rights Agreement dated August 31, 2023 (the “Registration Rights Agreement”), providing for the registration for resale of the Securities (including the shares of Common Stock underlying the Warrants) that are not then registered on an effective registration statement, pursuant to a registration statement (the “Registration Statement”) to be filed with the Securities and Exchange Commission (the “SEC”) within 15 calendar days of the date of the Registration Rights Agreement (the “Filing Date”).

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Digital Brands Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-098314

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