Digital Brands Group, Inc. announced on October 28, 2024, the pricing of a public offering to raise gross proceeds of $3 million. The offering includes an aggregate of 30 million shares of common stock and/or pre-funded warrants to purchase common stock, priced at $0.10 per share.
The company intends to allocate the net proceeds from this offering towards working capital, general corporate purposes, and the repayment of existing debt. This capital infusion is expected to bolster the company's financial flexibility and support ongoing operations.
The offering is anticipated to close on October 30, 2024, subject to customary closing conditions. This financing move is a step towards strengthening the company's balance sheet and funding its strategic initiatives.
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