Digital Brands Group raises $3.2M via warrant exercise; issues new warrants at $2.88

Digital Brands Group, Inc.

Closed exercise of 1,027,750 shares at reduced price of $3.13 per share.
Gross proceeds of $3.2M; net proceeds to be used for working capital.
Issued new Series A-1 and B-1 warrants for up to 2,055,500 shares at $2.88 exercise price.
Placement agent H.C. Wainwright received 7.5% cash fee plus 77,081 PA warrants at $3.9125.
Existing warrants were from Sept 2023; new A-1 warrants expire 5.5 yrs, B-1 warrants 15 months.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Digital Brands Group, Inc. entered into Inducement Agreement with accredited investor valued at $3,216,857.50 (effective 2024-05-03).

Action: entry
Agreement: equity purchase
Counterparty: accredited investor
Value: $3,216,857.50
Effective: 2024-05-03

Exact text from the filing

On May 3, 2024, the Company entered into that certain inducement offer to exercise common stock purchase warrants with the Investor (the “Inducement Agreement"), pursuant to which (i) the Company agreed to lower the exercise price of the Existing Warrants to $3.13 per share and (ii) the Investor agreed to exercise the Existing Warrants into 1,027,750 shares of Common Stock (the “Exercise Shares") by payment of the aggregate exercise price of $3,216,857.50

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Digital Brands Group, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-018113

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