BOCA RATON, June 16, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Grom Social Enterprises, Inc. (NASDAQ: GROM) (“Grom”, the “Company”), a social media platform and provider of original content for children under the age of 13, announced today hui the price of a subscribed public offering of 2,409,639 units at a public offering price of $ 4.15 per unit for total gross proceeds of approximately $ 10.0 million before deduction of subscription discounts, commissions and other offering fees. Each unit is made up of one common share and one warrant to purchase one common share. Each warrant may be exercised for one common share at an exercise price of $ 4.565 per share and will expire five years after its issuance. In addition, the Company has granted the underwriters a 45-day option to purchase up to 361,445 additional common shares and / or warrants to purchase up to 361,445 common shares at the public offering price less discounts and underwriting commissions. The offer is expected to close on or around June 21, 2021, subject to the satisfaction of customary closing conditions.
As part of the offer, the Company has received approval to list its common shares and warrants on the Nasdaq Capital Market, its common shares being traded under the symbol “GROM” and the warrants being traded. under the symbol “GROMW”, front trading will commence on the Nasdaq Capital Market on June 17, 2021.
EF Hutton, a division of Benchmark Investments, LLC, is acting as the sole book manager for the offering.
The Securities and Exchange Commission (“SEC”) declared in effect a registration statement on form S-1 (file n ° 333-253154) relating to these securities on June 16, 2021. A final prospectus relating to this offering will be filed. with the SECOND. The offer is being made only by means of a prospectus, copies of which may be obtained, when available, from: EF Hutton, division of Benchmark Investments LLC, 590 Madison Avenue, 39e Floor, New York, NY 10022, Attention: Syndicate Department, or by email at [email protected] or by phone at (212) 404-7002.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described in this document, and there will be no sale of such securities in any state or jurisdiction in which such offering, solicitation or sale would be illegal. prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. is a leading social media platform and provider of original entertainment content for children under 13; provide safe and secure digital environments for children that can be supervised by their parents or guardians. The Company has several operating subsidiaries, including Grom Social, which distributes its content via mobile and desktop environments (web portal and applications) which entertain children, allow them to interact with their friends, access information relevant and play exclusive games, while teaching them to be a good digital citizen. The company owns and operates Top Draw Animation, Inc., which produces award-winning animated content for some of the world’s largest international media companies. The Company also includes Grom Educational Services, which has provided web filtering services for K-12 schools, government, and private businesses. For more information, please visit gromsocial.com.
This press release may contain forward-looking statements about the activities of Grom Social Enterprises based on current expectations, forecasts and assumptions which involve risks and uncertainties which could cause actual results to differ materially from those anticipated or expected. , including statements relating to the amount and timing of expected income and any payment of dividends on our common shares, statements relating to our financial performance, expected income, distributions and future growth for quarterly and annual periods forthcoming, and other risks set forth in documents filed by the Company with the US Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. The actual results and timing of certain events could differ materially from those projected or contemplated by forward-looking statements due to a number of factors. Among other things, the Company may not be able to maintain its growth or achieve profitability depending on many factors including, but not limited to, general stock market conditions. We have made and will continue to make significant expenditures in expanding our existing and new service lines, noting that there can be no assurance that we will generate enough revenue to offset these costs in the short and long term. Additional service offerings may subject us to additional legal and regulatory costs and unknown exposures depending on the various geopolitical locations where we will provide services, the impact of which cannot be predicted at this time. All forward-looking statements speak only as of the date of this press release. We assume no obligation to update any forward-looking statements or other information contained in this document. Shareholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected or suggested by the forward-looking statements in this report are reasonable, we cannot assure shareholders and potential investors that these plans, intentions or expectations will be realized. Except to the extent required by law, we assume no obligation to update or revise forward-looking statements, whether as a result of new information, future events, change of events, conditions, circumstances or assumptions underlying such statements, or otherwise.
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