Kaival Brands closes $6.0M public offering of units with warrants

Kaival Brands Innovations Group, Inc.

Aggregate gross proceeds of ~$6.0M from sale of 3,921,500 units at $1.53 per unit.
Each unit consists of one share (or pre-funded warrant) + 1.5 common warrants exercisable at $1.53 for 5 years.
Net proceeds to be used for general corporate purposes, working capital, and funding operations/expansion.
Maxim Group LLC acted as sole placement agent; offering closed June 24, 2024.
Exercise price of common warrants may reset lower after 30 days based on VWAP, floor $0.574.

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