Sow Good Announces $2.8M Private Placement and Hiring of Chief Financial Officer

Rhea-AI Summary

Sow Good Inc. (SOWG) successfully completed a $2.77M private placement, raising funds from 426,288 newly issued shares at a 30% premium to the last equity raise. The company also appointed Keith Terreri as its permanent Chief Financial Officer, bringing extensive accounting and public company experience to the team.

Positive

• Successful completion of a $2.77M private placement
• 30% premium to last equity raise
• Appointment of Keith Terreri as permanent CFO

Negative

• None.

IRVING, Texas, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Sow Good Inc. (OTCQB: SOWG), a trailblazer in the freeze-dried candy and treat industry, announced today the successful completion of a $2.77M private placement raised from 426,288 newly issued shares. The share price of $6.50 represents a 30% premium to Sow Good’s last equity raise in September 2023. Sow Good is thrilled by the continued sales growth of its freeze dried candy line and the additional flexibility this raise provides to help meet customer demand.

Appointment of Permanent Chief Financial Officer

On November 20, 2023, the board of directors of Sow Good appointed Keith Terreri as its permanent Chief Financial Officer, starting December 4, 2023. Prior to joining the Sow Good team, Keith was the Executive Vice President of Business Operations at NEC Corporation of America (“NEC”) in Irving, TX. Before this role, he spent eight years as NEC’s CFO, and for four of those years, he managed the IT department. Prior to NEC, Keith was the Treasurer for five private and public companies, two of which he helped take public and were subsequently sold.

Claudia Goldfarb, CEO of Sow Good, commented, “Keith brings extensive accounting and public company experience to Sow Good. We believe this appointment will further enhance our financial controls and our work to optimize our operational infrastructure. We look forward to working alongside Keith to advance our strategic growth initiatives.”

Forward-Looking Statements

This press release contains forward-looking statements. Statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding the offering, expected growth, and future capital expenditures, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially and adversely different from any future results, performance or achievements expressed or implied by the forward-looking statements. All information provided in this release is as of the date hereof and we undertake no duty to update this information except as required by law.

About Sow Good Inc.
Sow Good Inc. (OTCQB: SOWG) is a trailblazing U.S.-based freeze dried candy and snack manufacturer dedicated to providing consumers with innovative and explosively flavorful freeze dried treats. Sow Good has harnessed the power of our proprietary freeze-drying technology and product-specialized manufacturing facility to transform traditional candy into a novel and exciting everyday confectionaries subcategory that we call freeze dried candy. Sow Good is dedicated to building a company that creates good experiences for our customers and growth for our investors and employees through our core pillars: (i) innovation; (ii) scalability; (iii) manufacturing excellence; (iv) meaningful employment opportunities; and (v) food quality standards. To purchase Sow Good online or learn more, visit www.thisissowgood.com (http://www.thisissowgood.com/) and follow @thisissowgood on TikTok, Instagram, YouTube, and Facebook.

Sow Good Investor Inquiries:
Cody Slach or Jackie Keshner
Gateway Group, Inc.
1-949-574-3860
SOWG@gateway-grp.com

Sow Good Media Inquiries:
Sow Good, Inc.
1-214-623-6055
pr@sowginc.com

FAQ

What is the ticker symbol for Sow Good Inc.?

The ticker symbol for Sow Good Inc. is SOWG.

How much was raised in the private placement?

Sow Good Inc. raised $2.77M in the private placement.

Who was appointed as the permanent Chief Financial Officer of Sow Good Inc.?

Keith Terreri was appointed as the permanent Chief Financial Officer of Sow Good Inc.

What was the share price in the private placement?

The share price in the private placement was $6.50, representing a 30% premium to the last equity raise.