NetworkNewsBreaks – Kaival Brands Innovations Group Inc. (NASDAQ: KAVL) Secures $8M in Underwritten Public Offering
Kaival Brands (NASDAQ: KAVL), the exclusive global distributor of products manufactured by Bidi Vapor LLC, has closed its previously announced underwritten public offering of 4,700,000 shares of its common stock and accompanying warrants to purchase up to 3,525,000 shares of common stock. According to the update, Kaival Brands secured approximately $8.0 million in gross proceeds with each share of common stock sold together with 0.75 warrants at a combined public offering price of $1.70. The warrants are exercisable immediately at a price of $1.90 per share and will expire five years following the date of issuance. Kaival Brands has additionally granted the underwriters a 45-day option to purchase up to an additional 705,000 shares of common stock and/or warrants to purchase 528,750 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount, of which Maxim Group LLC has exercised its option to purchase an additional 528,750 warrants. The company offered all of the shares of common stock and warrants, and Maxim Group LLC acted as sole book-running manager for the offering.
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Kaival Brands (NASDAQ: KAVL), the exclusive global distributor of products manufactured by Bidi Vapor LLC, has closed its previously announced underwritten public offering of 4,700,000 shares of its common stock and accompanying warrants to purchase up to 3,525,000 shares of common stock. According to the update, Kaival Brands secured approximately $8.0 million in gross proceeds with each share of common stock sold together with 0.75 warrants at a combined public offering price of $1.70. The warrants are exercisable immediately at a price of $1.90 per share and will expire five years following the date of issuance. Kaival Brands has additionally granted the underwriters a 45-day option to purchase up to an additional 705,000 shares of common stock and/or warrants to purchase 528,750 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount, of which Maxim Group LLC has exercised its option to purchase an additional 528,750 warrants. The company offered all of the shares of common stock and warrants, and Maxim Group LLC acted as sole book-running manager for the offering.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
