Naples Soap Company Announces Private Placement of Common Stock

Rhea-AI Summary

Naples Soap Company, Inc (OTCQB: NASO) has received board approval to sell up to 50,000,000 shares of Common Stock to accredited investors at a price of $0.04/share. The net proceeds will be used to expand B2B sales channels, enhance e-commerce efforts through website upgrades, AI integration, and expanded marketing efforts. Founder & CEO Deanna Wallin stated that the funding will make the company more efficient, expand the brand, and help reach broader audiences.

NAPLES, Fla.--(BUSINESS WIRE)-- Naples Soap Company, Inc (OTCQB: NASO), a health and wellness brand that offers high-quality skin and hair care products throughout the United States, today announced that it has received board approval to sell up to 50,000,000 shares of Common Stock only to accredited investors at a price of $0.04/share. The Company will use the net proceeds from the offering to expand B2B sales channels and enhance e-commerce efforts through website upgrades, AI integration and expanded marketing efforts.

The securities offered in the private placement are exempt from registration under the Securities Act of 1933, as amended (The “Securities Act”). Accredited investors are defined under Regulation D, and are in accordance with the requirements of Regulation D.

“After a solid finish to the 2023 year, we’re looking ahead to enhancing our outreach efforts to take our Company to the next level. This funding will make us more efficient, expand our brand, and help us reach broader audiences,” said Deanna Wallin, Naples Soap Company Founder & CEO.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 Naples Soap Company

Founded in 2009 by Deanna Wallin, Naples Soap Company is a supplier of more than 400 bath, body and personal care products. Products are sold at the Company’s 13 retail locations in Florida. Naples Soap Company products are sold online from the Company’s website at www.naplessoap.com, through other DTC (direct-to-consumer) channels such as Amazon.com and in more than 300 boutiques, spas and stores throughout the United States via the Company’s wholesale division. For more information about investing with Naples Soap Company, visit ir.naplessoap.com.

Forward-Looking Statements

This press release contains certain forward-looking statements 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. All forward-looking statements are subject to uncertainty and may not come to fruition. Readers are cautioned not to place undue reliance on any forward-looking statement including statements that list numbers and dates.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240102373725/en/

Deanna Wallin, Founder and CEO

investorrelations@naplessoap.com | (239) 325-8263

Source: Naples Soap Company

FAQ

What is the latest announcement from Naples Soap Company, Inc (OTCQB: NASO)?

Naples Soap Company, Inc (OTCQB: NASO) has received board approval to sell up to 50,000,000 shares of Common Stock to accredited investors at a price of $0.04/share.

How will the net proceeds from the offering be used by Naples Soap Company, Inc (OTCQB: NASO)?

The net proceeds will be used to expand B2B sales channels, enhance e-commerce efforts through website upgrades, AI integration, and expanded marketing efforts.

Who is Deanna Wallin and what did she say about the funding?

Deanna Wallin is the Founder & CEO of Naples Soap Company, Inc. She stated that the funding will make the company more efficient, expand the brand, and help reach broader audiences.

What are the regulations for accredited investors in the private placement offered by Naples Soap Company, Inc (OTCQB: NASO)?

Accredited investors are defined under Regulation D, and are in accordance with the requirements of Regulation D.