Digital Brands Group (DBGI) Prices 37.4M Share Offering at $0.25/sh

May 6, 2022 5:48 AM EDT

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Digital Brands Group, Inc. (NASDAQ: DBGI) today announced the pricing of its underwritten public offering of 37,389,800 shares of its common stock at a public offering price of $0.25 per share. In addition, the Company has granted the underwriters a 45-day option to purchase up to 5,400,000 additional shares of common stock at the public offering price per share, less underwriting discounts, and commissions, to cover over-allotments, if any.

The offering is expected to close on May 10, 2022, subject to customary closing conditions.

The gross proceeds from the offering to Digital Brands, before deducting underwriting discounts and commissions and other offering expenses payable by Digital Brands, are expected to be $9,347,450 million, excluding any exercise of the underwriters' option to purchase additional shares.

The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, including the repayment of promissory notes in the principal amount of $3,068,750.

Alexander Capital, L.P. is acting as sole book-running manager and Revere Securities, LLC is acting as co-manager for the offering.

The Securities and Exchange Commission ("SEC") declared effective a registration statement on Form S-1 (File No. 333-264347) relating to these securities on May 5, 2022. A final prospectus relating to this offering will be filed with the SEC. The offering is being made only by means of a prospectus, copies of which may be obtained from Alexander Capital, LP, 17 State Street 5th Floor, New York, NY 10004, Attention: Equity Capital Markets, or by calling (212) 687-5650 or emailing [email protected]. All investments involve risk and loss of principal is possible.

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 registration or qualification under the securities laws of any such state or jurisdiction.

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