DBGI raises $3.2M via immediate cash exercise of 1.03M warrants at $3.13; issues new warrants at $2.88

Digital Brands Group, Inc.

Gross proceeds ~$3.2M from immediate cash exercise of 1,027,750 warrants at reduced exercise price of $3.13 per share.
Original warrants (Series A/B, exercise price $9.43) issued Sep 2023 were replaced; closing expected May 7, 2024.
New unregistered Series A-1 and B-1 warrants issued for up to 1,027,750 shares each, exercisable at $2.88 per share.
H.C. Wainwright & Co. acted as exclusive placement agent; net proceeds to be used for working capital.
New Series A-1 warrants have 5.5-year term; Series B-1 warrants have 15-month term from issuance.

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