Grom Social Enterprises Announces Public Offering

1 Mins read

Grom Social Enterprises recently announced a public offering of 946,000 units at $3 per unit, along with 54,000 pre-funded units at $2.999 per unit. As a result, Grom Social Enterprises’ shares experienced a significant decline of 45% to $2.24.

Struggles in the Market

The stock has hit its 52-week low at $2 during the session, highlighting a staggering decline of 99% over the past year.

Understanding the Offering

Each unit in the public offering includes one share of stock, one Series A warrant for purchasing one additional share of stock, and one Series B warrant.

The warrants have an exercise price of $3 per share, allowing investors to exercise them immediately upon issuance. They will remain valid for a period of five years from the date of issuance.

Closing and Proceeds

The closing of this offering is expected to take place around Tuesday. Grom Social Enterprises anticipates raising approximately $3 million from this endeavor.

Allocation of Proceeds

The proceeds gained from this public offering will be allocated towards various purposes, including:

  • General corporate activities
  • Potential acquisitions
  • Research and development for original content and technology
  • Establishing strategic partnerships
  • Supporting working capital
  • Covering capital expenditures
  • And other general corporate necessities.
Related posts

Government Matching Contribution for Retirement Savings

2 Mins read
According to researchers, nearly 22 million Americans are set to benefit from a new government matching contribution initiative aimed at enhancing retirement…

Oil Market Update

1 Mins read
Oil Market Update On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of…

Carrier Global Sells Industrial Fire Business

1 Mins read
Carrier Global Sells Industrial Fire Business for $1.425 Billion Carrier Global has announced the sale of its industrial fire business to private-equity…

Leave a Reply

Your email address will not be published. Required fields are marked *