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Digital Brands Group, Inc. announced the closing of the exercise of warrants for $3.2 million in gross proceeds. The company issued new warrants with reduced exercise prices, generating funds for working capital purposes. The warrants were offered in a private placement, and the company intends to file a registration statement for the resale of shares. Digital Brands Group focuses on digital-first luxury lifestyle brands with a vertically integrated distribution model.
Digital Brands Group, Inc. (DBGI) announced the exercise of warrants for $3.2 million in gross proceeds through a definitive agreement, reducing the exercise price of certain outstanding warrants to purchase shares of common stock. The transaction is expected to close on May 7, 2024, with H.C. Wainwright & Co. acting as the exclusive placement agent. New unregistered Series A-1 and Series B-1 warrants will be issued with an exercise price of $2.88 per share, totaling the gross proceeds to approximately $3.2 million. The net proceeds will be utilized for working capital purposes.