MGO Global Announces Closing of $8.625 Million Initial Public Offering

Rhea-AI Summary

MGO Global Inc., the operator of The Messi Store, successfully closed its initial public offering of 1,725,000 shares of common stock at $5.00 per share, raising $8.625 million in gross proceeds. This includes the underwriters' overallotment option exercised for an additional 225,000 shares. The registration statement related to these securities was declared effective by the SEC on January 12, 2023. The company is focused on leveraging the influence of athletes like Leo Messi to build its brand portfolio.

Positive

• Raised $8.625 million in gross proceeds from the IPO.
• Successful closing with the full exercise of the underwriters' overallotment option.

Negative

• None.

MIAMI, FL and BUENOS ARIES, ARGENTINA and LONDON, UK and NEW YORK, NY / ACCESSWIRE / January 18, 2023 / MGO Global Inc., operator of The Messi Store ("MGO Global" or the "Company"), today announced the closing of its initial public offering (the "Offering") of 1,725,000 shares of common stock, including the full exercise by the underwriters of their overallotment option to purchase 225,000 shares, at a price to the public of $5.00 per share. The aggregate gross proceeds of the Offering, including the overallotment, were $8,625,000, prior to deducting underwriting discounts, commissions and Offering expenses.

Boustead Securities, LLC, Sutter Securities, Inc. and Revere Securities, LLC acted as the underwriters for the Offering.

A registration statement on Form S-1, as amended (File No. 333-268484) relating to these securities was filed with the Securities and Exchange Commission ("SEC") and was declared effective on January 12, 2023. The Offering is being made only by means of a prospectus. A copy of the final prospectus relating to the Offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. A copy of the final prospectus relating to the Offering may also be obtained from Boustead Securities, LLC by way of emailing requests to offerings@boustead1828.com; or by calling 1-949-502-4408; or by request by standard mail to Boustead Securities, LLC, Attention: Equity Capital Markets, 6 Venture, Suite 395, Irvine, California 92618, USA.

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 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 MGO Global Inc.

Founded in October 2018 and headquartered in Florida with remote employees and specialty contractors in London, New York and Latin America, MGO Global is a performance-driven lifestyle brand portfolio company focused on strategically leveraging the fame, celebrity power and global social media influence of world class athletes, entertainers and other cultural icons to create fresh, modern and compelling product and apparel brands aligned with and inspired by the values, personal styles and aspirations of our valued brand partners. Anchored by MGO Global's end-to-end, scalable brand development platform, coupled with its leadership's track records of success and industry relationships and expertise, in late 2018, the Company launched The Messi Brand - a premium line of functional and sporty casual wear, accessories and homewares inspired by legendary pro soccer player Leo Messi and found at www.TheMessiStore.com. For more information on MGO Global, please visit www.mgoglobalinc.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and the Messi Brand and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company's products and the Company's customers' economic condition, the impact of competitive products and pricing, successfully managing and perpetuating the Company's licensing rights with Leo Messi Management, general economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

CONTACT INFORMATION:

FOR MEDIA AND INVESTOR RELATIONS

MGO Global Inc.
Dodi Handy, Director of Communications
Phone: +1 407-960-4636
Email: dhandy@mgoteam.com

SOURCE: MGO Global

View source version on accesswire.com:
https://www.accesswire.com/735716/MGO-Global-Announces-Closing-of-8625-Million-Initial-Public-Offering

FAQ

What did MGO Global achieve in its IPO on January 18, 2023?

MGO Global closed its IPO, raising $8.625 million by selling 1,725,000 shares at $5.00 each.

Who acted as underwriters for MGO Global's IPO?

Boustead Securities, LLC, Sutter Securities, Inc., and Revere Securities, LLC were the underwriters.

What is the significance of MGO Global's IPO for investors?

The IPO raised significant capital that could help MGO Global expand its operations and brand portfolio.

How many shares were included in MGO Global's IPO overallotment?

The IPO included the underwriters' overallotment of 225,000 shares.