NuZee Announces Closing of $3.4 Million Underwritten Public Offering of Common Stock
NuZee, Inc. (NASDAQ: NUZE) has successfully completed its underwritten public offering of 4,200,000 shares of common stock at $0.82 per share, generating approximately $3.4 million in gross proceeds. The offering was managed by Maxim Group LLC, which also received a 45-day option to purchase an additional 630,000 shares. The shares were registered under effective shelf registration with the SEC, ensuring compliance. Forward-looking statements highlight potential risks related to funding, market acceptance, and reliance on third-party partners.
- Gross proceeds of approximately $3.4 million from the public offering.
- Potential for additional funds through the underwriter's 45-day option to purchase 630,000 additional shares.
- Risks related to funding necessary for operations and product commercialization.
- Dependence on third-party roasters for coffee production.
PLANO, Texas, Aug. 10, 2022 /PRNewswire/ -- NuZee, Inc. (NASDAQ: NUZE), a leading U.S. producer and co-packer of single serve coffee formats, today announced the closing of its previously announced underwritten public offering of 4,200,000 shares of its common stock at a public offering price of
Maxim Group LLC acted as sole book-running manager for the offering.
NuZee has granted the underwriter a 45-day option to purchase up to an additional 630,000 shares at the public offering price, less underwriting discounts and commissions.
The securities were offered pursuant to an effective shelf registration statement (including a prospectus) on Form S-3 (No. 333-248531) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC"). The securities were offered only by means of a written prospectus and prospectus supplement that form a part of the effective registration statement. A final prospectus supplement describing the terms of the public offering has been filed with the SEC and is available on the SEC's website located at www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained by contacting Maxim Group LLC, 300 Park Avenue, New York, NY 10022, or by telephone at (212) 895-3745.
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.
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. NuZee cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect NuZee's current expectations and NuZee does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other NuZee statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond NuZee's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties, many of which are beyond our control, include: NuZee's plan to obtain funding for its operations, including funding necessary to develop, manufacture and commercialize its products; the impact to NuZee's business from COVID 19, including supply chain interruptions; general market acceptance of and demand for NuZee's products; NuZee's reliance on third-party roasters to roast and blend coffee beans necessary to produce its products and provide its co-packing services; NuZee's ability to successfully achieve the anticipated results of strategic transactions; the fact that certain of NuZee's single serve coffee products are expected to be manufactured, processed and packaged for NuZee by its new partner on a purchase order basis pursuant to the agreement between the parties; the fact that sales are completed on a purchase order basis without any written agreement between NuZee and its customers; and NuZee's commercialization, marketing and manufacturing capabilities and strategy. For a description of additional factors that may cause NuZee's actual results, performance or expectations to differ from any forward looking statements, please review the information set forth in the 'Risk Factors' and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the NuZee's public reports and NuZee's other filings made with the SEC.
NuZee, Inc., (NASDAQ: NUZE) is a leading co-packing company for single serve coffee formats that partners with companies to help them develop within the single serve and private label coffee category.
View original content to download multimedia:https://www.prnewswire.com/news-releases/nuzee-announces-closing-of-3-4-million-underwritten-public-offering-of-common-stock-301603730.html
SOURCE NuZee, Inc.
FAQ
What was the public offering price for NuZee's shares?
How much money did NuZee raise from the public offering?
What is the significance of the 630,000 shares option granted to the underwriter?
What are the risks associated with NuZee's business mentioned in the PR?
Who managed NuZee's public offering?
