Kubient Announces Exercise of Overallotment Option and Closing of Initial Public Offering

Rhea-AI Summary

Kubient, Inc. (NasdaqCM: KBNT) has successfully closed its initial public offering (IPO) of 2,500,000 units at $5.00 each, raising approximately $12.5 million. The IPO included an overallotment option for an additional 375,000 warrants. Each unit consists of one share of common stock and a warrant that is exercisable at $5.50, expiring in five years. Trading commenced on August 12, 2020, for both the common stock under symbol 'KBNT' and warrants under 'KBNTW'. Maxim Group LLC and Joseph Gunnar & Co. acted as co-book-running managers for the offering.

Positive

• Raised approximately $12.5 million from the IPO.
• Inclusion of an overallotment option for additional warrants.
• Trading commenced successfully on Nasdaq Capital Market.

Negative

• Potential shareholder dilution due to the issuance of new shares and warrants.

NEW YORK, Aug. 14, 2020 /PRNewswire/ -- Kubient, Inc. (NasdaqCM: KBNT, KBNTW) ("Kubient" or the "Company"), a cloud-based software platform for digital advertising, today announced the closing of its initial public offering of 2,500,000 units at a price of $5.00 per unit and partial exercise of the overallotment option for additional warrants to purchase 375,000 shares of common stock.

Each unit consisted of one share of Common Stock and one Warrant to purchase one share of Common Stock. The Warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $5.50 per share. The Common Stock and Warrants began trading on the Nasdaq Capital Market on August 12, 2020, under the symbols "KBNT" and "KBNTW," respectively.

Kubient received gross proceeds of approximately $12.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

Maxim Group LLC and Joseph Gunnar & Co., LLC acted as co-book-running managers for the offering. The Benchmark Company, LLC acted as co-manager for the offering.

The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.

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

About Kubient
Kubient is a technology company with a mission to transform the digital advertising industry to audience-based marketing. Kubient's next generation cloud-based infrastructure enables efficient marketplace liquidity for buyers and sellers of digital advertising. The Kubient Audience Cloud is a flexible open marketplace for advertisers and publishers to reach, monetize and connect their audiences. The Company's platform provides a transparent programmatic environment with proprietary artificial intelligence-powered pre-bid ad fraud prevention, and proprietary real-time bidding (RTB) marketplace automation for the digital out of home industry. The Audience Cloud is the solution for brands and publishers that demand transparency and the ability to reach audiences across all channels and ad formats.

Forward-Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.

Kubient Investor Relations
Gateway Investor Relations
Matt Glover and Tom Colton
T: 949-574-3860
Kubient@gatewayir.com 

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SOURCE Kubient

FAQ

What are the details of Kubient's IPO on August 14, 2020?

Kubient closed its IPO of 2,500,000 units at $5.00 each, raising about $12.5 million, with trading starting on August 12, 2020.

How many shares and warrants were included in Kubient's IPO?

Each unit consisted of one share of common stock and one warrant to purchase one share of common stock.

What is the exercise price of the warrants from Kubient's IPO?

The warrants have an exercise price of $5.50 per share and expire five years from the date of issuance.

Who managed Kubient's IPO?

Maxim Group LLC and Joseph Gunnar & Co., LLC acted as co-book-running managers for the offering.