Jupiter Wellness Closes $32.5 Million Underwritten Public Offering of Common Stock and Warrants

Rhea-AI Summary

Jupiter Wellness (NASDAQ:JUPW) announced the closing of a $32.5 million underwritten public offering on July 26, 2021. The offering included 11,066,258 shares of common stock and 11,607,142 warrants at a public price of $2.79 per share. The warrants are exercisable immediately at the same price and expire in five years. The offering's proceeds will enhance liquidity and fund the company's expanding line of skin care therapeutics, which target conditions like eczema and skin cancer. Aegis Capital Corp. managed the offering.

Positive

• Gross proceeds of approximately $32.5 million will support growth initiatives.
• The offering strengthens liquidity for ongoing product development and marketing.

Negative

• Dilution of existing shareholders due to the issuance of a substantial number of new shares.

JUPITER, FL / ACCESSWIRE / July 26, 2021 / Jupiter Wellness, Inc. (the "Company") (NASDAQ:JUPW), today announced the closing of an underwritten public offering (the "Offering") of 11,066,258 shares (the "Company Offering Shares") of common stock, par value $0.001 per share ("Common Stock") to be issued by the Company, 540,884 shares (the "Selling Stockholder Shares") of Common Stock to be sold by certain selling stockholders (the "Selling Stockholders") of the Company and warrants (the "Company Warrants") to purchase up to 11,607,142 shares of Common Stock, at a price to the public of $2.79 per Company Offering Share/Selling Stockholder Share and $0.01 per Company Warrant. The Company Warrants will be exercisable immediately upon issuance with an exercise price of $2.79 per share and will expire on the fifth anniversary of the original issuance date. The gross proceeds from the Offering, before deducting underwriting discounts and commissions and estimated Offering expenses, were approximately $32.5 million, which includes gross proceeds from partial exercise of the underwriter's option to purchase 1,741,071 Company Warrants, representing 15% of the Company Warrants sold in the base offering.

Aegis Capital Corp. acted as sole book-running manager for the Offering.

The securities described above were offered by Jupiter Wellness, Inc. pursuant to an effective registration statement on Form S-1 (No. 333-258005) previously filed with the U.S. Securities and Exchange Commission (the "SEC") on July 19, 2021, amended on July 20, 2021, and declared effective by the SEC on July 21, 2021. A final prospectus (the "Prospectus") describing the terms of the proposed Offering has been filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Electronic copies of the Prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sales of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Jupiter Wellness

Jupiter Wellness, Inc. (NASDAQ: JUPW) is a leading developer of skin care therapeutics and treatments. The Company's product pipeline of enhanced skin care therapeutics focuses on the endocannabinoid system to address indications including eczema, burns, herpes cold sores, and skin cancer. Jupiter generates revenue from a growing line of proprietary over-the-counter skincare products including CaniSun™ sunscreen and other wellness brands sold through www.cbdcaring.com.

Safe Harbor Statement

To the extent any statements contained in this presentation of Jupiter Wellness, Inc. (the "Company") contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and the information that are based upon beliefs of, and information currently available to, the Company's management as well as estimates and assumptions made by the Company's management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words "estimate," "expect," intend," believe," plan," "anticipate," "projected" and other words or the negative of these terms and similar expressions as they relate to the Company or the Company's management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the Company's industry, its operations and results of operations and any businesses that may be acquired by the Company. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Investor & Public Relations Contact Info
Phone: 561-244-7100
Email: info@JupiterWellness.com

SOURCE: Jupiter Wellness, Inc.

View source version on accesswire.com:
https://www.accesswire.com/657038/Jupiter-Wellness-Closes-325-Million-Underwritten-Public-Offering-of-Common-Stock-and-Warrants

FAQ

What was the purpose of the Jupiter Wellness public offering?

The public offering raised $32.5 million to support Jupiter Wellness's growth and development of skin care therapeutics.

How many shares and warrants were included in the JUPW offering?

The offering included 11,066,258 shares of common stock and warrants for up to 11,607,142 shares.

What was the public price for Jupiter Wellness's stock offering?

The public price was set at $2.79 per share for the common stock and $0.01 per warrant.

Who managed the public offering for Jupiter Wellness?

Aegis Capital Corp. acted as the sole book-running manager for the offering.

When was the Jupiter Wellness offering closed?

The offering was closed on July 26, 2021.