Akerna, Corp. Announces Closing of $10 Million Public Offering
Akerna Corp. (Nasdaq: KERN) has successfully closed its public offering of 29,382,861 units, comprising shares of common stock and common stock warrants, alongside 14,095,400 pre-funded units with associated warrants. The units were priced at $0.23 each, raising approximately $10 million in gross proceeds. The funds will support general corporate purposes, including ongoing debt obligations, marketing, and product development. The offering was managed by A.G.P./Alliance Global Partners, with the registration statement filed with the SEC.
- Raised approximately $10 million in gross proceeds.
- Funds allocated for marketing, product development, and servicing ongoing debt obligations, which could enhance operational capabilities.
- Issuance of pre-funded warrants may lead to shareholder dilution.
- Exercise of warrants could further dilute existing shares.
DENVER, July 05, 2022 (GLOBE NEWSWIRE) -- Akerna Corp. (Nasdaq: KERN) (“Akerna” or the “Company”), a leading enterprise software company and developer of one of the most comprehensive technology infrastructures, ecosystems, and compliance engines powering the global cannabis industry, today announced the closing of its previously announced underwritten public offering of (i) 29,382,861 units of the Company consisting of 29,382,861 shares of common stock together with common stock warrants (the “common warrants”) to purchase up to 29,382,861 shares of common stock and (ii) 14,095,400 pre-funded units, consisting of 14,095,400 pre-funded warrants, with each pre-funded warrant exercisable for one share of common stock, together with common warrants to purchase up to 14,095,400 shares of common stock. The units were sold at a public offering price of
The gross proceeds to the Company from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any warrants, were approximately
The Company intends to use the net proceeds from this offering for general corporate purposes, including servicing our ongoing debt obligations under our convertible notes, working capital, marketing, product development and capital expenditures.
A.G.P./Alliance Global Partners acted as sole book-running manager for the offering.
A registration statement on Form S-1 (No. 333-265641) relating to the offering was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on June 29, 2022. The offering was made only by means of a prospectus. A copy of the final prospectus relating to the offering was filed with the SEC and may be obtained by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: prospectus@allianceg.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities 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 Akerna
Akerna (Nasdaq: KERN) is an enterprise SaaS company focused on compliantly serving the cannabis, hemp, and CBD industry. First launched in 2010, Akerna has tracked more than
The Company's cornerstone technology, MJ Platform, one of the world's leading cannabis infrastructure as a service platform, powers retailers, manufacturers, brands, distributors, and cultivators. Akerna also offers a complete suite of professional consulting services and data analytics for businesses as well as solo sciences, Leaf Data Systems, Trellis, Ample Organics, Viridian Sciences and 365 Cannabis.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statements that express the current beliefs and expectations of management, including but not limited to statements related to the expected use of proceeds from the proposed offering. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K, filed on March 31, 2022, and its periodic reports on Form 10-Q and Form 8-K, as well as the risks identified in the registration statement and the prospectus supplement relating to the offering. Any statements contained herein that do not describe historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results, performance and achievements to differ materially from those discussed in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to update or revise forward-looking statements, except as otherwise required by law, whether as a result of new information, future events or otherwise.
For more information, visit https://www.akerna.com/.
Contacts:
Media
Investor
Peter Seltzberg, 516-419-9915, peters@coreir.com
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