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NEWS: Private Placement $4.25/share and Warrants with exercised price of $4.00
Banzai Announces $5 Million Private Placement Priced At-The-Market Under Nasdaq Rule
Banzai International (NASDAQ: BNZI) announced a $5 million private placement of 1,176,471 shares of Class A common stock or pre-funded warrants, along with Series A and Series B warrants to purchase up to 1,176,471 shares each.
The purchase price is $4.25 per share, and the warrants have an exercise price of $4.00 per share. The Series A warrantswill expire in five years, while the Series B warrants will expire in 18 months. The closing is expected around September 26, 2024, subject to customary conditions.
H.C. Wainwright & Co. is the exclusive placement agent. Gross proceeds are expected to be approximately $5 million, before deducting fees and expenses.
The net proceeds will be used to pay off an outstanding credit facility with Yorkville Advisors and for working capital and general corporate purposes. The securities are offered under Section 4(a)(2) of the Securities Act and Regulation D and are not registered under the Securities Act or state securities laws.
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Strade : what does it mean in terms of stock price pls can someone explain?
Jaguar8 OP Strade : This is a private placement and the stock price is offered at a discount 4.25/sh compared to current price of 7/sh. This is viewed negatively as it creates downward pressure on stock price. By offering it at a discount, it means the company badly needs cash
Strade Jaguar8 OP : thanks