Kartoon Studios closes initial $4M tranche of up to $7M registered direct offering

Kartoon Studios, Inc.

Initial closing of registered direct offering raised $4M gross proceeds from 3.9M shares at $1.00/share and 100K pre-funded warrants at $0.99.
Investor may purchase up to an additional 3M shares or warrants in three closings within 180 days for up to $3M more.
Offering expenses approximated $670K, excluding placement agent fees; EF Hutton acted as sole placement agent.
Securities offered under effective shelf registration S-3 (File 333-276259); prospectus supplement filed April 19, 2024.

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