NuZee Prices $1.275 Million Underwritten Public Offering of Common Stock

Rhea-AI Summary

NuZee, Inc. has announced the pricing of its underwritten public offering of 425,000 shares of its common stock at a public offering price of $3.00 per share, resulting in anticipated gross proceeds of approximately $1.275 million. The offering is expected to close on or about October 20, 2023.

Positive

• NuZee expects to generate approximately $1.275 million in gross proceeds from its public offering.

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• None.

RICHARDSON, Texas, Oct. 18, 2023 /PRNewswire/ -- NuZee, Inc. (NASDAQ: NUZE), a leading  coffee co-packing and technology company, today announced the pricing of its underwritten public offering of 425,000 shares of its common stock at a public offering price of $3.00 per share, resulting in anticipated gross proceeds to NuZee of approximately $1.275 million, before deducting underwriting discounts and commissions and offering expenses.

Maxim Group LLC is acting as the sole book-running manager for the offering.

NuZee has granted the underwriter a 45-day option to purchase up to an additional 63,750 shares at the public offering price, less underwriting discounts and commissions. The public offering is expected to close on or about October 20, 2023, subject to customary closing conditions.

The securities are being offered pursuant to an effective shelf registration statement (including a prospectus) on Form S-3 (No. 333-274818) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the "SEC"). The securities may be offered only by means of a written prospectus and prospectus supplement that form a part of the effective registration statement. A preliminary prospectus supplement relating to and 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.  A final prospectus supplement will be filed with the SEC and will form a part of the effective registration statement. Electronic copies of the preliminary prospectus supplement and, when available, 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, 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 the registration or qualification under the securities laws of any such state or jurisdiction.

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. These forward-looking statements include, but are not limited to, NuZee's beliefs, plans, goals, objectives, expectations, assumptions, estimates, intentions, future performance, other statements that are not historical facts and statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning.  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 except as required by law, 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. Statements related to, among other things, the consummation of the offering of common stock and potential changes in market conditions constitute 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 global crisis; general market acceptance of and demand for NuZee's products; and NuZee's commercialization, marketing and manufacturing capabilities and strategy; for 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 NuZee's public reports and NuZee's other filings made with the SEC.

About NuZee

NuZee, Inc., (NASDAQ: NUZE), is a leading co-packing company for single-serve coffee formats that partners with companies to help them expand within the single-serve and private label coffee category. Providing end-to-end innovative and sustainable solutions with the flexibility and capacity for both small roasters and large global brands, NuZee is revolutionizing the way single-serve coffee is enjoyed in the U.S. Through the brand's unique process, NuZee fulfills every aspect of co-packing needs, from sourcing, roasting and blending, to packing and packaging.

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SOURCE NuZee, Inc.

FAQ

What is the public offering price of NuZee's common stock?

The public offering price of NuZee's common stock is $3.00 per share.

When is the expected closing date of the offering?

The offering is expected to close on or about October 20, 2023.

How much gross proceeds does NuZee anticipate from the offering?

NuZee anticipates gross proceeds of approximately $1.275 million from the offering.