Digital Brands Group, Inc. (DBGI) Prices 2.41M Share IPO at $4.15/Sh; Announces Nasdaq Listing

May 14, 2021 6:00 AM EDT

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Digital Brands Group, Inc. (NASDAQ: DBGI), today announced the pricing of a firm underwritten public offering of 2,409,639 shares of common stock and warrants to purchase 2,409,639 shares of common stock at a combined public offering price of $4.15 per share and warrant for aggregate gross proceeds of approximately $10.0 million, prior to deducting underwriting discounts, commissions, and other offering expenses and excluding any exercise of the underwriters' option to purchase any additional securities as described herein. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 361,445 shares and 361,445 warrants at the public offering price less the underwriting discounts and commissions. The offering is expected to close on or about May 18, 2021, subject to satisfaction of customary closing conditions.

The Company has received approval to list its common stock and warrants on the Nasdaq Capital Market under the symbols "DBGI" and "DBGIW", respectively, with trading expected to begin on May 14, 2021. Each warrant is exercisable for one share of common stock at an exercise price of $4.67 per share and will expire five years from the date of issuance.

Kingswood Capital Markets, division of Benchmark Investments, Inc., is acting as sole book-running manager for the offering. Manatt, Phelps & Phillips, LLP represented Digital Brands and Nelson Mullins Riley & Scarborough LLP acted for Kingswood.



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