News

Grom Social Enterprises Announces Public Offering

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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.
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